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The 37-year-old singer, who has two children - Apple, 10, and Moses, 8, with Paltrow, has bought the house to spend more time with his children, reports usmagazine.com.
The singer has reportedly shelled out $6.75 million to buy the property, which has five bedrooms and seven baths.
"Situated directly across the street from his ex-girlfriend, the location allows for their two children, Apple and Moses, to spend time with both of their parents whenever they want," a source said.
"Paltrow's mother Blythe Danner helped the 'Fix you' hitmaker move into his new house and was also the site of Paltrow's 42nd birthday fete Sep 28," said another source.
Martin and Paltrow announced in March they were splitting after 10 years of marriage.
Chris Martin happens to be an English singer-songwriter and multi-instrumentalist. He is the lead vocalist, pianist, rhythm guitarist, and one of the founders of the band Coldplay.