She’s ditched her sexy red swimsuit, but former “Baywatch” hottie Yasmine Bleeth is back at the shore – and nearly 40 pounds heavier!

But pals told The National ENQUIRER that the 46-year-old is not only happy with her weight gain, so is her husband of 12 years, club owner Paul Cerrito!

“Paul says there’s just more of his wife to love now,” said a friend.

Almost two decades after her “Baywatch” heyday, Yasmine hit California’s Venice Beach on New Year’s Day to watch her hubby, 44, jump in the chilly Pacific Ocean for the 55th annual Penguin Plunge.

“Yasmine was running around giving out hugs to her husband and their friends. She was full of energy!” according to an eyewitness.

The couple joined their famous pals, “The Real Housewives of Beverly Hills” star Eileen Davidson, and her husband, Vincent Van Patten, and the Van Patten family, including 86-year-old patriarch Dick of TV’s “Eight Is Enough,” for an afternoon of fun.

While everyone else stripped down to their skivvies, Yasmine covered up in a long sweater and tie-dyed sweatpants. “No one recognized her, and she seemed to like it that way!” the source said.

Best known for her role as Caroline Holden on “Baywatch,” Yasmine was booted off the show in 1997 after four seasons for drug abuse issues.

Yasmine revealed in 2003 that due to drug abuse she was once down to 110 pounds and a size zero. “I looked dead,” she said, adding: “I’m a fleshy girl, curvy and round, but [because of drugs] I lost all my softness.”

Now, the curves are definitely back for the 5-foot-5 brunette, who looks happier than ever.

“She doesn’t seem to regret leaving her Hollywood days behind her,” added the source. “She seems to be finally at peace.”