The 'X Factor' boss plans to offer the socialite, who is 11 weeks pregnant with his first child, the plush pad once she divorces her estranged husband Andrew, reported Daily Mirror.
The 53-year-old star will continue to live in his own property nearby, so he can keep a close eye on Lauren and be directly involved in the child's upbringing.
"Simon has amassed a lot of houses with his fortune and will want to provide for his child. But he seems to give away a house every time he splits from a girlfriend, so he is getting through them more quickly than he thought," a source said.
Lauren, 36, is expected to live at the 7,265 square-foot property with her mother, Carole Saland, and the baby, where they will be able to make the most of its ocean views, four bedrooms, digital screening room and private swimming pool.
