AC/DC co-founder Malcolm Young's growing list of health concerns has forced him out of the band and into full-time care, but he'll still be living in the most comfort money can buy.

Australia's Daily Telegraph reports that Young has purchased a new $10 million waterfront home on Palm Beach in Sydney, nestled in an enclave of "many multimillion-dollar properties" facing the beach. You can see several photographs of the house here.

The paper refers to the purchase as a "top-secret sale" and says confirmation was obtained through a land title search; the realtor involved in the deal, Noel Nicholson, declined to share specifics, although he did say the sale was in the $10 million range.

While Young is reportedly moving into his new home, his bandmates are preparing to embark on their world tour in support of last year's Rock or Bust LP. They'll play their first dates in Europe, starting in Holland on May 5, then travel to North America for a 13-show leg that's scheduled to begin Aug. 22 in Foxborough, Mass. As on the album, Young's position will be filled by his nephew Stevie; he's joined in his absence by drummer Phil Rudd, whose legal troubles created a vacancy filled by the returning Chris Slade.

Meanwhile, the promotional campaign in support of Rock or Bust continues: The album debuted at No. 3 in its first week on the charts, and has spun off three singles in the Top 20 rock hits "Play Ball" and the title track, as well as the more recently released "Rock the Blues Away."

See AC/DC and Other Rockers in the Top 100 Albums of the '70s

You Think You Know AC/DC?