John Travolta and Kelly Preston have sold their estate in Hawaii to model-turned-mogul Kathy Ireland for just under $3 million.

The oceanfront estate, on Oahu, has a quarter of an acre of beach frontage. There are three bedrooms and three bathrooms in 3,400 square feet. It was built in the mid-'60s. Travolta bought the property in 1986, then added an indoor pool and a lava waterfall under a domed ceiling.

Ireland and her partners, Erik Sterling and Jason Winters, plan to turn the private residence into a corporate retreat that will be rented out as one of several Kathy Ireland Worldwide company vacation villas. The house, to be renovated, also will be a showcase for Ireland's Hawaiian-themed design products. Her brand is known for its lines of home furnishings and clothing. Kainoa Lee of Mary Worrall Associates, an affiliate of Sotheby's, represented Ireland and her partners in the Hawaii purchase.

Ireland, 41, was credited recently in Forbes magazine for building her design brand into a $1-billion-a-year empire, which she started about 10 years ago designing socks. She is a former supermodel-actress and has appeared on the covers of several Sports Illustrated swimsuit issues.

She and husband Greg Olsen, a doctor, are building a home on a 100-acre parcel near their existing residence in the Santa Barbara area. Travolta and Preston own property in Brentwood, Santa Barbara and Maine.

Travolta, 51, stars as thug-turned-record exec Chili Palmer in the just-released movie "Be Cool." Honolulu-born Preston, 42, costars with Kurt Russell in the Walt Disney action-comedy "Sky High," scheduled for release in July. Travolta and Preston were married in 1991.  Travolta and Preston were represented by Pat Choi Realty.