We have an update on the buying and selling of talk-show host Larry King: In addition to buying a five-bedroom, Tuscan-style house in Beverly Hills, Calif. that had been listed for $11,995,000, King’s longtime, 6,995-square-foot house in Beverly Hills is in escrow after being listed for $7,250,000.

We previously had reported on February 9 that King and his actress-singer wife Shawn Southwick had agreed to buy the 9,596-square-foot house at 707 N. Hillcrest Road in Beverly Hills.

Now comes word that in addition to buying the new house, the Kings’ longtime, five-bedroom house at 628 N. Canon Drive in Beverly Hills has been listed for $7.25 million.

Sunday’s Los Angeles Times “Hot Property” column reported that the couple received multiple bids on that house, and that it is in escrow for above their asking price. Built in 1982, the Kings’ longtime house has five bedrooms and is on nearly a half acre of land in the flats of Beverly Hills, according to public records. The property has a guest house, a pool and a large grassy yard, according to listing information. The couple bought that property for an undisclosed amount (reported at the time in the Los Angeles Times to be “slightly more than $3 million”) in 1998—less than a year after they got married—through their Canon Drive Property Trust, according to public records. Check out a listing sheet for the house here.

As for the Kings’ new house, the Times reported that they paid close to $12 million for their new house, and that they bought a new house because Southwick was looking for more rooms and slightly more space than they had. Their new house has a gated tile roof from a 200-year-old Italian monastery and a plasma TV, the paper reported.

We reported on Feb. 9 that the Kings were due to close on their new house on Hillcrest Road by the end of February. And although the Times reported on Sunday that the Kings have closed on the house, the sale hasn’t yet shown up in public records. When it does, we’ll of course post their actual purchase price. Plus, we’ll post details on the sale price for their house on Canon Drive once that shows up in public records as well. Stay tuned.