Pete Wentz and Patrick Stump, both of the hot alt-rock band Fall Out Boy, separately have purchased houses in Hollywood--with Wentz paying $1,625,000 for a single-family house up in the hills and Stump paying $744,000 for a condo just south of Hollywood Boulevard, according to public records.

In a Big Time Listings exclusive, we can report that Wentz and Stump, both Chicago-area natives, have made the purchases in recent months.

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Wentz, 29, paid $1,625,000 to purchase the two-bedroom, 2,062-square-foot house at 7435 Palo Vista Drive in Los Angeles, according to public records. Built in 1961, Wentz's new house has three baths and a pool, according to public records. The house first was listed in early 2006 for $1,995,000 and later was reduced to $1,850,000.

Wentz purchased the house from TV executive Sheraton Kalouria, according to public records. Features in the house include amazing views of the valley and of the Hollywood sign, a 700-square-foot, unpermitted media room, hardwood floors, and two fireplaces, according to listing information. Click on this PDF here and scroll down to check out a picture of the back of Wentz's new house. The house on Palo Vista Drive is Wentz's first house; prior to buying this house, he famously had lived at his parents' house in Winnetka, Ill. (a suburb of Chicago), in his boyhood bedroom, while not touring.

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Lead singer Stump, meanwhile, paid $744,000 in late December to purchase a two-bedroom, two bath, 1,285-square-foot condo unit in the building at 7949 Selma Avenue in Hollywood, according to public records. Built in 1963, his condo building is one block south of Hollywood Boulevard.

No listing information or photos of Stump's Hollywood condo were available. However, it is not the only property that Stump, 22, owns. In addition to the condo in Hollywood, he also paid $425,000 in October 2005 to buy a house at 212 Elm Street in his native Glenview, Ill., according to public records, which also is a Chicago suburb. A Chicago Tribune article from March 2006 reported that Stump, whose real name is Patrick Stumph, was "building a house with a studio in the suburbs." That presumably referred to that property, where Stump reportedly is in the process of replacing the 768-square-foot, 1951 house at 212 Elm Street with that new house.

As for Fall Out Boy's other members, lead guitarist Joe Trohman owns a town house at 2658 N. Southport Unit F in Chicago, which he purchased in early 2006 for $685,000, according to public records. And drummer Andy Hurley, 26, lives in Menomonee Falls, Wisc., according to news accounts.