The 'Roar' hitmaker purchased the property in Los Angeles' Hollywood Hills in 2011 for $6.5 million and she has finally sold it for $5.565 million, according to the Los Angeles Times newspaper.
The 29-year-old singer put the house on the market for around $8 million last year, but there were no takers.
The new owner plans to gut the 8,800 square foot home and make a number of improvements.
Katy and Russell bought the double-gated Mediterranean-style house, built in 1925, after tying the knot in 2010.
She was granted the property, which they never moved into, when she split from the funnyman, as part of their divorce settlement in 2012.
The property - called Park Hill - features a baronial stone foyer with a sweeping staircase, a two-story living room, stained-glass windows and a carved fireplace mantel. It also boasts its own pub, a study and a media room.
Russell, 38, has now moved on from Katy and is dating Jemima Khan, while his ex-wife has a new boyfriend, American musician John Mayer.
In June last year, Katy revealed in an interview that Russell did not like the idea of her ''being the boss'' of things and never spoke to her again after sending a text message that he was divorcing her.
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