Benji’s twin brother Joel Madden and his wife Nicole Richie also coincidentally listed their L.A. home a few days later

On Friday, July 19, a source revealed to PEOPLE why the actress, 51, and her musician husband, 45, decided to list their sprawling L.A. mansion in the Benedict Canyon neighborhood of Beverly Hills earlier this month.

“They have multiple residences in Los Angeles and are choosing to let go of the Benedict property so that they can take residency at another one of their homes,” the insider said.

While Diaz and Madden “love” quieter areas like Montecito, where they also own a home, “it is not where they are living,” the source adds. “They spend time there on occasion, but their life revolves around Los Angeles.”