HGTV Stars Cortney and Robert Novogratz List $18 Million Spanish-Style Beverly Hills Home

Courtesy Amy Neusinger/Berlyn Photography

Cortney and Robert Novogratz are saying goodbye to their Los Angeles home.

The HGTV stars have listed their modern Spanish colonial-style home in Beverly Hills for $17.9 million, PEOPLE confirms.

"We bought the house with the intention of it being our next family home, but ultimately decided to return back to our roots in New York City," Robert tells PEOPLE of the decision to sell the home.

The Design Star costar adds, "We hope the new owners enjoy the space to its fullest. It's a home that was designed for someone or a family that enjoys to entertain and create beautiful memories in."

The 7,500-square-foot home has been completely redesigned by Cortney and Robert. The property features five bedrooms, a saltwater pool, and a gorgeous courtyard.

Courtesy Amy Neusinger/Berlyn Photography

Courtesy Amy Neusinger/Berlyn Photography

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Each room of the home is designed with white oak floors and oak accents against cream-colored walls, creating an airy "Italian villa"-inspired look. At the center of the house is a quaint courtyard laid with Cle Tile encaustic tile.

Robert tells PEOPLE that the courtyard is his favorite part of the home because "it's the centerpiece of the home and designed to foster the indoor-outdoor lifestyle that Californians crave."

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Courtesy Amy Neusinger/Berlyn Photography

Courtesy Amy Neusinger/Berlyn Photography

The couple is also known for adding vintage elements to their designs. In their Beverly Hills property, they've included several vintage light fixtures including selections from Stahl and Band.

On the design of the home, Robert tells PEOPLE: "We have seven children and have always approached design by keeping family at the forefront. It's important to remember good design should always be functional and easy to live in."

"Comfort and functionality is key when designing a living space," he adds.

The listing is represented by Branden and Rayni Williams of Williams & Williams at The Beverly Hills Estates.