The New York Yankees baseball star will share the estate with his actress girlfriend Minka Kelly. The property is located on St Davis Island in the Tampa-St Petersburg area.
According to Radar Online, the waterfront mansion will cover 30,000 square feet, as well as include seven bedrooms and a nine-car garage.
Jeter and the former Friday Night Lights star spent their Thanksgiving holiday inspecting construction and outlining decorating plans.
The couple plan to move in by next summer.