The land is reportedly in Puerto Andratx – near a $50 million property Corinna is said to have bought from Perez in 2017.
Diario de Mallorca reports the purchase of the land will allow “Gina to practice her favourite sport”.
“The objective is to raise and ride around 20 horses on it, as Michael Schumacher’s daughter is a keen equestrian,” the publication reports.
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“Stables for the horses, that will be transferred from Switzerland, will be built on it.
“The intention is for Gina to practice her favourite sport in Majorca, as the idea is that the family will increase their number of trips to the island, especially in winter.”
Michael Schumacher’s wife selling Lake Geneva home
The new claims come after Corrina reportedly put the family’s Lake Geneva mansion on the market earlier this month.
The family is said to be seeking £5 million ($AU9 million) for the famous 20,000 square-metre farmhouse in Switzerland.
The Schumachers bought the “Sur le Moulin” estate in 2002 for £3 million, right before Michael won his fifth F1 world title.
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However the property is now largely vacant, with the Schumacher family reportedly moving to another home in Gland where Michael can continue his rehabilitation.
“After the Schumachers moved, the house was left without permanent residents,” German magazine Bunte reports.
“At times, their housekeepers and bodyguards stayed there. Corinna Schumacher’s horses also grazed on a two-acre site some time ago.”