Billy and Janice Crystal are mourning the loss of their nearly 50-year-old Palisades home that was reduced to ashes by the Los Angeles fire. The actor confirmed the news in a statement to PEOPLE on Wednesday as Palisades wildfires continue to wreak havoc in LA County.

Billy Crystal and his wife Janice revealed on Wednesday, Jan. 8 that their home of 46 years in the Pacific Palisades burned down due to the ongoing fire ravaging the west side of Los Angeles.

Billy Crystal has confirmed that the Pacific Palisades home he's lived in with wife Janice since 1979 has burned down. "Words cannot describe the enormity of the devastation," the actor commented.

"Words cannot describe the enormity of the devastation we are witnessing and experiencing," Billy and Janice Crystal said. "We ache for our friends and neighbors who have also lost their homes and businesses in this tragedy.

Billy Crystal and his wife Janice have lost their home of over four decades to the Pacific Palisades fire. In a statement shared with CNN, Crystal confirmed his Palisades home had burned down as a result of the now 15,

Billy Crystal has joined the growing list of celebrities who have lost homes in the wildfires that ravaged Southern California in early January. The actor confirmed the loss of his family’s home located in Los Angeles’ Pacific Palisades neighborhood in a statement published by People.