Chip & Joanna Gaines Just Bought a Literal Castle

There’s no denying that Chip and Joanna Gaines are the king and queen of Waco, Texas. Especially now—the couple have purchased a literal castle in their hometown, and of course it’s a fixer upper.

The former HGTV stars’ real estate firm, Magnolia, closed on the property on Friday,according to the Waco Tribune-Herald. A spokesperson for the company also confirmed the news to the paper, and added this:

“For nearly two decades, Chip and Joanna have admired the property as a hallmark of the Castle Heights neighborhood — they’ve even made past attempts to purchase it. The property is an iconic piece of Waco’s history and while specific plans have not yet been determined, one thing is for certain: Their efforts will focus on fully completing the home’s long overdue and well deserved restoration.”

The Gaineses will have quite the project on their hands; the 129-year-old castle is in need of some serious work if you look at thelisting photos. And given the property’s historic landmark status, it will be an expensive and paperwork-heavy renovation.Realtor.comasked real estate investor Brian Davis: “The range quoted by the previous contractor, of $600,000 to $1,000,000, is worryingly wide. Unique, historic buildings like this one are notoriously unpredictable and expensive to renovate as well.”

What do Chip & Jo have in mind for the place? No details have emerged as of yet, but the pair are working on theirown network for Discovery, so perhaps we’ll see a show featuring the castle’s renovation. They also have previously opened arestaurantandrental propertiesunder their Magnolia brand, so those are also possibilities, though “neighborhood opposition has thwarted past efforts to create there a bed-and-breakfast in the castle,”writes Mike Copelandin the Tribune-Herald.

We’ll just have to wait and see.