"Baywatch: The Retirement Years" would be an awesome show ... because TMZ has learned, 60-year-old David Hasselhoff just bought himself a brand new mansion for $1.95 million.

Sources close to the deal tell us, Hoff purchased the 5,767-sq.-ft. Mediterranean home in Calabasas last week.

The 5-bedroom, 6-bathroom house sits in a small gated community ... and it's even got its own basketball court.