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.

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.