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EXCLUSIVE — Rosie O’Donnell Buying Olivia Newton-John’s Palm Beach County House!

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EXCLUSIVE — Rosie O’Donnell Buying Olivia Newton-John’s Palm Beach County House!

Olivia Newton-John and Rosie O'Donnell

Olivia Newton-John in Grease in 1978 (left), and Rosie O’Donnell in the Broadway version in 1994 (Gossip Extra photo)

flag-exclusiveIt’s a Grease reunion: Rizzo’s buying Sandy’s Palm Beach County house!

It’s another Gossip Extra exclusive: Ex-TV talker Rosie O’Donnell, who played Rizzo in the 1994 Broadway revival of Grease, has a contract to buy the Jupiter Inlet Colony home of singer Olivia Newton-John, who played Sandy in the classic 1978 movie.

Real estate sources are telling me that O’Donnell and her wife Michelle Rounds are having the tropical compound inspected. The deed could be signed over within two weeks.

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Purchase price: $5.6 million, about $500,000 less than what Aussie Newton-John was asking for.

Olivia Newton-John's house in Jupiter Inlet Colony

Rosie O’Donnell’s the proud new owner of Olivia Newton-John’s house in Jupiter Inlet Colony (Splash News)

Said John Easterling, Newton-John’s husband: “Nothing’s done until it’s signed, sealed and delivered!”

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It’s a cash transaction since O’Donnell is flush with $12.6 million from the June sale of her Miami Beach hangout on Star Island.

Word is O’Donnell plans on tearing her new 7,400-square-foot house down and build something bigger.

O’Donnell and Rounds were actually shopping for a small place for Rounds’ mother when they were shown Newton-John’s fully renovated crib at 104 Lighthouse Drive.

“They just fell in love with the place,” a source close to the deal told Gossip Extra.

Local Realtor Rob Thomson, owner of Waterfront Properties, said he understands why the house stayed on the market for only three months. Thomson was not involved in the sale.

“The view includes a historic lighthouse and turquoise blue waters,” Thomson said. “And boaters love that they can be in the Atlantic Ocean within one minute.”

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