Gallery Launch Gallery Getty/Bowery Design Group

David Foster and Yolanda Hadid 's onetime Malibu estate has hit the market as a fire-scorched lot for millions ... TMZ has learned.

The 3.25-acre ocean view lot reduced to ashes in last year's Palisades Fire is on the market for just under $12 million, giving one lucky buyer the chance to rebuild a masterpiece. milsteinestates.com

The conceptual renderings by Bowery Design Group envision a 14,000-square-foot gated compound, with 6 bedrooms, 10 bathrooms, 14-foot ceilings, and sweeping 270-degree views of the Pacific Ocean.

The dream build also includes every luxury under the sun ... a theater, spa, gym, game room, and nearly 4,000 square feet of outdoor living space with three pools, a bocce court, and a full sports court.

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