Time for an upgrade! Chris Hemsworth and Elsa Pataky plan a whopping $8 million renovation of their stunning Byron Bay mansion

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Chris Hemsworth is ready to splash out more than $8 million on the renovation of his Byron Bay estate.

A development application for alterations and additions to the Seven Mile Beach Road property, which he owns with wife Elsa Pataky, was lodged to Byron Shire Council on 2 November, according to the Gold Coast Bulletin.

Chris and his wife Elsa live in their East Coast residence with their three children, daughter, India Rose and twin sons, Tristan and Sasha.

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Time for an upgrade! Chris Hemsworth and Elsa Pataky are reportedly ready to splash out more than $8 million on the renovation of their Byron Bay estate

Oasis: Chris and his wife Elsa live in their East Coast residence with their three children, daughter, India Rose and twin sons, Tristan and Sasha

The publication reports that the application, which has yet to be assessed, prices the renovation at $8.778 million.

Plans for the work outline the demolition of the existing house and structures, and the building of a new swimming pool.

The Hollywood heartthrob and his Spanish-born wife purchased the Broken Head mansion in September 2014 for $7 million.

Byron build: The planning application submitted to Byron Shire Council outlined plans to demolish the existing house and building a new swimming pool 

Family home: Chris and Elsa purchased the Broken Head home for $7 million in September 2014 after moving to Australia from America 

In its current state, the house - which is spread over 4.2ha - has eight bedrooms and 11 bathrooms.

The couple moved back to Australia from America less than a year after snapping up a Malibu mansion for USD $4.8 million.

Chris and his spouse made a handsome profit on the LA estate, having listed it for USD $6.5 million in February.

Back home: The Melbourne native was living in Malibu before deciding to relocate to northern New South Wales 

The Parisian-inspired residence sold for USD $665,000 more than its asking price just two months after hitting the market. 

But it seems the rugged actor is keen to hold onto the Hollywood lifestyle after he and Elsa spent USD $3.45 million on another LA pad in April. 

It also means he'll be in the neighbourhood of baby brother Liam and his girlfriend Miley Cyrus, who both own properties in LA. 

Chris has recently wrapped up filming for the third Thor film, Ragnarok, which was filmed in locations across Queensland.

Hollywood heartthrob: The Thor star looks keen to hold onto a piece of LA after he and his wife spent USD $3.45 million on a new property in April