Hedge fund manager Thomas Laffont purchased a property in the Los Angeles area this month: a modern ranch in Point Dume.

The home comes with a coveted amenity—walking distance to Little Dume beach. It’s also perched on a 1.2-acre lot, allowing for an unusual degree of seclusion. Privacy hedges, mature trees and lawns surround the home.

Which is a 1,600 square footer with four bedrooms and three baths. It dates to 1949, and still retains its utilitarian look from outside, although a major overhaul has left it with retractable glass and a contemporary feel within.

The home begins with an entryway embellished with a triangular portico that follows the gradient of the roofline, a nod to the midcentury style; the update has added a rather large spherical pendant light fixture to the entrance, which comes off as slightly out of proportion.

Within, updates include new hardwood floors in the current fashion—wide plank and not glossy—as well as a blazing white treatment. A stacked stone fireplace and tongue-and-groove ceilings and cabinetry, which distinguished and dated the original, are subsumed; in their place is an abundance of natural light, vaulted or semi-vaulted ceilings, a bit of barn-style rusticity, and unassuming light fixtures. The feel is casual, and décor-ready.

The home went on the market in May with an ask of $13.995 million.

Laffont leads Coatue Management, which made well-timed investments in Lyft and Snapchat. His net worth is north of $1 billion.