DriveTime owner Ernie Garcia II is the new owner of this waterfront home in Manhattan Beach. The billionaire businessman paid $17.75 million for the property, a 6,025 sq. ft. residence containing eight bedrooms and nine baths. The house sits on a double lot that offers expansive views of the beach and one of the more dynamic neighborhood areas of Southern California.

The home’s layout extends across three levels of living area. Prior to the recent closing, it was being marketed as a candidate for a major renovation, or a teardown for a new trophy house, or a two single-family or four-townhome subdivision. Nearly 12,000 interior square feet of living area are possible.

The existing structure features a large basement level, as well as a main level shared living area boasting a large great room with a brick fireplace and L-shaped accent wall and room divider. The design incorporates a small central courtyard.

The property includes direct beach access. The area is an active social center, and the more desirable neighborhood in Manhattan Beach; it extends from Hermosa Beach to El Segundo. The affluent spot measures a little less than one square mile, with a row of luxury homes fronting the beach and a popular sidewalk. It is a favorite destination for celebrities and tourists; among the locals, pastimes include volleyball and jogging, and numbering among the local amenities is a 22-mile bike path.

Garcia’s net worth is north of $16 billion, according to Forbes. His son, billionaire Ernest Garcia III, is the co-founder and CEO of online car retailer Carvana.