Alec Baldwin takes mind off 'Rust' lawsuit with $1.75 million property investment

Alec Baldwin is investing in new property amid his ongoing Rust shooting lawsuit.

The 63-year-old, who accidentally killed cinematographer Halyna Hutchins on the sets of film Rust in New Mexico, has spent a whopping amount of  $1.75 million on a property in Vermont.

The actor has purchased a farmhouse in Arlington, reports Bennington Banner. The property spreads across 50 acres and is close to New York City. 

Banner adds that the home was built in the late 1700s and is a "classic Vermont 18th century farm [that] features 55 beautiful acres, a 3,600 [square foot] main house and a nicely renovated 1800 [square-foot] guest cottage with 2 baths."

A source tells PEOPLE that "Alec and Hilaria fell in love with this property and the surrounding town in Vermont."

"They have no plans to live there full time," the source added. "They like to get out of the city on weekends and holidays to spend quiet time with their children. It's a family-friendly town where they can get away, unplug and it gives the kids plenty of space to run around outside."