Hedge fund manager Joseph Edelman invested heavily in the laid-back Orange County lifestyle this autumn. The billionaire investor quietly shelled out $70 million last month for a promontory estate in Laguna Beach, The Wall Street Journal reported.

The sale set a record in Orange County. The mansion last sold in 2018, according to public records, when it changed hands for $32.7 million. Listing information indicates that it had been extensively renovated immediately prior to the sale. It was built in 2005.

The home’s exterior recalls a villa on the Cote D’Azur, with keystone arches, columns, wrought iron Juliet balconies, outdoor staircases, stone balustrades, and arcades all appearing on a tour of the home. Interiors are very rustic, with exposed timber ceilings, plank floors, natural stone — most of it appears to be limestone — and a series of evocative details that includes a shallow coffered ceiling finished in dark-stained hardwood, a glossy tile floor in a geometric pattern, and a hallway with a groin-vaulted ceiling.

More modern touches include the kitchen, where commercial-grade stainless and luxurious custom cabinetry and marble island cap and countertops may be spotted. Additional amenities in the house include a fitness room, a master bedroom with a timber ceiling and a hardwood-clad walk-in closet and dressing room, and the enclosed pool area and back lawn, which looks out over the Pacific.

The previous record was briefly held by billionaire Anthony Hsieh’s $61 million purchase in Newport Coast. Other notable real estate deals in Orange County include author Dean Koontz’s not-too-shabby $50 million sale. Both transactions took place last year.

While Edelman’s record purchase is squared away, he still has one more transaction to go. In his outbox is a Manhattan penthouse currently priced at $30 million.

Edelman is the founder of Perceptive Advisors. His net worth is around $3 billion.