TMZ Sports has learned the 9,792-square-foot property, located on a 3.18-acre lot in Rancho Santa Fe (about 100 miles outside L.A.), recently hit the open market for $11.85 million. The land was purchased by Dr. Buss in 1994 for less than $300k, and the house, known as the "Dream Ranch," was built to his exact specifications to resemble the Rosewood Miramar Beach Resort in Montecito.

We're told Jerry wanted a place outside of Los Angeles that felt far enough away from the hustle and bustle of the city ... all while being close enough to the arena where his team played.

Buss often had company ... and they were some of the most famous athletes in the world like Kobe Bryant, Magic Johnson, and Shaquille O'Neal.

In fact, Jerry installed an extra-long driveway (it fits 25 cars!) to accommodate the stars' stretch limos.

The mansion features eight bedrooms and 10 bathrooms (8 full, 2 half) -- five in the main house and three in the guest house -- with the master suite, clad in marble, overlooking a rose garden.

There's also a 3-stall barn, two putting greens, a swimming pool with a pool house, a basketball court (of course), and a tennis court where none other than Andre Agassi once played.

Buss passed away in 2013 ... and the home was ultimately sold years later in 2022. The new buyers renovated the home, transforming it into a modern mansion.