From neighbors to roomies...sort of!

George Clooney and Rande Gerber, longtime friends and co-owners of Casamigos Tequila who own adjacent vacation homes in Cabo, Mexico, have decided to sell one of the homes and split the other, time-share style, sources tell ET.

Clooney, who is currently building a home in London, where wife Amal works as a lawyer and activist, is putting his home on the market and will share a mansion with Gerber and his wife, Cindy Crawford.

"When George was single and living a wilder lifestyle, having that big house for all his parties made sense," a source tells ET. "But now he’s settled down with Amal – those days are behind him."

WATCH: Rande Gerber Reveals the Secret to His 17-Year Marriage to Cindy Crawford

The Cabo houses are said to be architectural masterpieces, custom-designed for the stars by world famous architect Ricardo Legoretta. They were the final two homes Legoretta designed before he passed away, and have recently been featured on the cover of Architectural Digest.

While Clooney’s home hasn’t been listed yet, the actor and director likely won’t have a hard time finding someone to meet his asking price. Real estate experts say each house, which sits in a private gated compound with 180-degree views of the sea of Cortez, should fetch in excess of $50 million dollars each. Each home has 7 bedrooms, 10 bathrooms, private screening rooms, massive swimming pools facing the beach, cabanas, indoor and outdoor dining areas, a bar area, separate kitchens and quarters for staff, among other luxuries.

Plus, A-list neighbors!

WATCH: George Clooney Was 'Forced' Into Starting Tequila Company After Ordering 1,000 Bottles a Year