Where does Penelope Cruz live? Penelope Cruz owns a number of homes including a Balinese residence in the Hollywood Hills, a home in Madrid, Spain, and a newer property Cruz and new husband Javier Bardem enhabit in Coldwater Canyon, Los Angeles. Cruz's Balinese residence is on the market. The single story 2,538 square feet, 4 bedroom and 3 bathroom home overlooks the Sunset Strip. The Balinese style home features carved wood doors, tiled courtyard, bamboo floors, a sitting area in the master bedroom, a gourmet kitchen with French doors opening into the back yard, a large terrace, and an outdoor swimming pool.