Dean McDermott, Tori Spelling: Lease Was Up So Family Forced to Downsize

Kimberly RipleyLife

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Dean McDermott and Tori Spelling--along with their children--have moved to a smaller home. They downsized because their lease was up and they had to take something smaller in order to stay in the neighborhood they wanted as well as in an affordable price range.

TMZ reports that Tori Spelling and Dean McDermott's new digs are about half the size of the old.

Although rumors about the family's need to downsize because of lack of money ran rampant, they simply weren't true.

"Tori and Dean moved into a new house--it's the same number of bedrooms and everything,” a source says. “They just moved because their lease was up, nothing more to it than that. It was not a downsizing thing.”

This is the third time the family has moved since selling their Encino, California home at a loss back in 2011. They manage to pay a little less rent each time, however, but they lose a bit of space at the same time.

Dean McDermott and Tori Spelling's latest abode features 3,733 sq. ft. of living space. That space includes five bedrooms and five bathrooms, as well as a nice yard, a pool, and a library. Their most recent rental measured 6,623 sq. ft.

Last fall, Tori Spelling and Dean McDermott talked about their finances during an episode of True Tori. Tori grew up very well off. Her father Aaron Spelling's estate is worth about $600 million. Mom Candy Spelling isn't big on sharing with Tori and Dean, however, so they have to pull their own weight.

Dean McDermott, Tori Spelling, and their family will no doubt quickly adjust to their new digs. A five bedroom, five bathroom house in Calabasas is nothing to balk at. And if they can pay upwards of $7000 per month in rent (that's what the last tenant in their new house was paying) they could surely afford a modest mortgage.

Kimberly Ripley
Kimberly Ripley is a freelance writer and published author from Portsmouth, New Hampshire. A wife, mom of five and 'Nana' to Lilly and Aiden, she loves cooking for her big family and watching HGTV in her spare time. Kim is guilty of starting way more home design projects than she can finish. Visit her at Twitter and Facebook.