In a statement to ET on Tuesday, Cyrus' rep announced the donation, which will be made through Cyrus' Happy Hippie Foundation that focuses on youth homelessness -- particularly among LGBTQ youth -- and other vulnerable populations.
"Miley and Liam lost their home but are very grateful to be safe along with their animals!" the statement reads. "Their community and state are very special to them and they want to give back to the place that has created so many beautiful memories for themselves and others. They are donating $500,000 to The Malibu Foundation through Miley's charity, Happy Hippie, in hopes to restore Malibu’s magic."
"These funds will be used for those in financial need, emergency relief assistance, community rebuilding, wildfire prevention and climate change resilience," the statement continues. "Those looking to get involved your time, support and donations are greatly appreciated."
On Tuesday, Hemsworth also tweeted a shocking photo of what was once his Malibu home with Cyrus, which has now been reduced to rubble. However, he did note that letters reading "love" were still intact.
"It’s been a heartbreaking few days," Hemsworth shared. "This is what’s left of my house. Love. Many people in Malibu and surrounding areas in California have lost their homes also and my heart goes out to everyone who was affected by these fires. To help: http://themalibufoundation.org & @happyhippiefdn."
On Sunday, Cyrus also tweeted about the Woolsey Fire, expressing her gratitude that both Hemsworth and her animals were OK though their home didn't make it.
"Completely devastated by the fires affecting my community," she wrote. "I am one of the lucky ones. My animals and LOVE OF MY LIFE made it out safely & that’s all that matters right now."
"My house no longer stands but the memories shared with family & friends stand strong," she continued. "I am grateful for all I have left. Sending so much love and gratitude to the firefighters and LA country Sheriff’s department!"