The married couple - who were recently presented with an unpaid $1.7 million tax bill by the Internal Revenue Service (IRS) which they have now paid - have decided they no longer want the luxurious five-bedroom house and have put it on the market.
As well as multiple bedrooms, the 4,500 square-foot property also boasts five bathrooms, a study, large living room, two balconies which provide panoramic ocean views and is situated directly on the beach within a gated community.
Rocker Ozzy and 'The Talk' presenter Sharon rented out the California home for $40,000-a-month in 2010.
Earlier this month, Sharon admitted she blamed herself for the $1.7 million tax bill.
The 58-year-old star - who owed $718,948.25 for the 2008 tax year and $1,024,175.03 for 2009 - accepts she spent too much time focusing on herself rather than concentrating on her household finances.
She said:"I'm to blame. Even though {the accountant} is paid to do a job, the buck stops with me. I was too involved with myself. I cancelled two meetings with him over the last 18 months because I was way too busy. The bottom line is it stops with me.
"The last couple of years, I have really been concentrating on myself - because I think I love myself a little bit too much - and not taking care of business."
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