The 47-year-old actor spent several months in the Italian city with his family while shooting `The Tourist` with Angelina Jolie and he was reportedly so besotted with the stunning location, he has bought the 17th century Palazzo Dona Sangiantoffetti.
According to local newspaper La Nuova Venezia, the Hollywood star outbid an Arab prince for the empty building which is one of the only available homes overlooking the famous Grand Canal.
Johnny - who has two children Lily-Rose, 11, and eight-year-old Jack with his French partner Vanessa Paradis - has previously spoken of his love for the city and revealed he loved to explore late at night when the streets were quiet.
He said: "My experience of Venice really happened between 10pm and 2am when the streets closed and I was able to walk around and experience the poetry of Venice, the ghosts of Venice, all those wonderful dark alleys.
"For an actor being able to film within the confines of that magical city certainly helps... The city`s magic shone through completely."
While the actor and his family spent most of their time at their estate in France, he also owns a home in Hollywood and a 45 acre island in the Bahamas.