Actor Tom Arnold and his estranged wife Shelby have quietly sold their 7,646-square-foot contemporary Mediterranean house in the Mulholland Estates area off Mulholland Drive in the hills north of Beverly Hills for $7.4 million, according to public records, and Tom has paid $1.95 million for a new house in Tarzana, Calif., in the San Fernando Valley.

In a Big Time Listings exclusive, we can report that Arnold has sold the house at 14046 Aubrey Road, which he bought with his second wife, makeup artist Julie Champnella, back in 1998 for $2.3 million from singer and future “American Idol” judge Paula Abdul’s Happy Feet Trust. Arnold and his third wife, Shelby Roos Arnold, now are separated, and their split most likely fueled the pair putting the house on the market back in September. And given that Shelby Roos Arnold is a recently minted real-estate agent, she was able to handle the listing, as well as the nice commission check that presumably went along with it.

Now, the five-bedroom house in Mulholland Estates has quietly sold to an unidentified trust—and one that potentially belongs to a celebrity, given the makeup of the trust. Features in the house, which was built in 1990 and which sits on a nearly 0.75-acre lot, include nine bathrooms, a large master and bath with custom room-sized closets, three guest bedrooms with large baths, a gym, and steam showers. Other features include a large kitchen with a butler’s pantry, built-in speakers throughout with state-of-the-art Sony music controls, a loggia, a koi pond and a tiled swimming pool, according to listing information. The house had been listed for $7.85 million. Check out the cached version of the listing sheet here. A flash tour of the whole property is here.

Arnold’s old house is in a star-heavy neighborhood, as we noted yesterday. It’s also next door to the home of billionaire Alec Gores, whose teenage son Eric Gores suffers from cerebral palsy and played opposite Arnold in the 2005 film, “The Kid & I,” which Arnold specifically wrote for Eric Gores.

Arnold’s purchase of his new house, at 4704 Caritina Drive in Tarzana, also is a Big Time Listings exclusive. Originally listed for just under $2.3 million and then later reduced to just under $2 million, the five-bedroom, 4,211-square-foot house was built in 1956. Located behind gates on a private cul-de-sac, the house has four full baths, and one half bath, according to listing information, and sits on a lot that is just over a half-acre in size, according to public records. Check out a cached version of the listing sheet here to take a closer look at Arnold’s new home. An interesting bit of trivia is that the family who sold the house to Arnold had bought it in early 2005 from “American Idol” judge Randy Jackson for $1,325,000, according to public records. Jackson had bought it in 1998 for $620,000, according to public records.

Arnold’s new neighborhood has had other celebrity residents. For instance, actress Jaime Pressly in 2004 paid $949,000 for a house at 19135 Rosita Street, which is just a few blocks east and which she recently has listed.