The 22-year-old singer-songwriter reportedly fell in love with the island while visiting the Spanish island with new girlfriend Sofia Ritchie – the 17-year-old daughter of singer Lionel Ritchie.
Real Estate consulting firm Proto Group announced the sale on Wednesday.
"He asked us specifically for a quiet (place with) absolute privacy" said Alessandro Proto, the CEO of Proto Group Ltd.
“This magnificent villa is absolutely isolated, as you can see from the pictures, it has an area of 2,000 square meters, 6 bedrooms, 5 bathrooms and direct access to the sea,” she said.
And the singer was happy to pay well over the asking price.
"The initial price was €4.2 million, but the singer wanted it at all costs so he paid €5 million," the company said in a statement emailed to The Local.
Lanzarote is one of Spain's most popular holiday destinations boasting huge stretches of beaches that are ideal for surfing.
The interior of the volcanic island contains Martian-like landscapes formed by lava flows that attract hikers and mountain bikers the world over.
But Bieber may just be content hanging out at his own private pool.