In search of a real estate throwback? Check out this charming and quirky—yet shockingly magnificent and exorbitantly priced—house on Los Angeles’ Westside. The house, which is located in the middle of one of Santa Monica’s most famous avenues, has panoramic views of the mountains and the sea.

The property recently sold for $7.9 million to John Sykes, a senior entertainment industry entrepreneur who co-founded MTV and has served as iHeartMedia’s president of entertainment businesses for over a decade. Sykes, 68, is also the current chairman of the Rock & Roll Hall of Fаme Foundation and the former president of VH1.

The unusual traditional-style house, built in 1941 and enlarged in the late 1940s, sold for $150,000 in 1972. Those happy purchasers kept the house for 50 years until selling it last autumn for $9 million to a non-famous Los Angeles family. Unfortunately for them, that family appears to have changed their minds – the property was back on the market nine months later, seeking $9.5 million. Sykes arrived after a significant price drop and obtained an even greater deal.

In slightly under 4,000 square feet, there are five bedrooms and five bathrooms. And practically every square foot is a 1970s time capsule, with tonnes of wood paneling, cool wet bars, charmingly antiquated wallpaper, and a sprinkling of pastel colors setting the tone. Dozens of huge windows throughout the house let in natural light, while sliding glass doors enable beach breezes to flow in and out.

Speaking of the outdoors, the backyard is clearly from another period, but it has been well kept, much like the house itself. The huge half-acre property features lush lawns, mature palm trees, a high hedge wall for seclusion, and a big swimming pool surrounded by a terrace that will delight both sunbathers and entertainers. Rose gardens, beautiful bougainvillea bunches, and an attached two-car garage are all on the menu.

According to the description, “the property yearns for one to bring it back to all of its glory or reimagine the lot,” implying that the estate will be significantly transformed in the next months and years.

There is no news on what Sykes intends to do with his new West Coast colony or whether he would ultimately make it his primary house, although records show he has long owned a complex less than 50 yards from the ocean in New York’s upscale East Hampton neighborhood.