Authorities searched a home in the 8600 block of Santa Susana Place. It was not yet known if any evidence of Smith's whereabouts was found in the house.
"This is still a missing person's investigation. We don't have anything that indicates that there is foul-play involved in this case, we are not ruling it out. We are always hopeful that Gavin will be found alive somewhere, but we just don't know," said Dave Dolen with the Los Angeles County Sheriff's Department.
A man who left the house Friday night said he had no idea why deputies wanted to search the home. He declined to comment and also refused to identify himself.
"We're following up on leads and all the information we've gathered about people that he has come into contact with and that he has known in the past," said Dolson.
Authorities also said the man they were looking for at the residence, Johnny Creech, wasn't home. Neighbors said they have not seen Creech in the neighborhood for a couple days. They also said he used to be co-owner of a Hollywood night club, but was recently between jobs and struggling financially.
Smith, a 20th Century Fox studio executive, has been missing since May 1 when he was last seen leaving a friend's residence in Oak Park between 9 and 10 p.m.
Smith's family is offering a $20,000 reward for information leading to his whereabouts.
Smith is described as a 57-year-old white man standing 6 feet 6 inches tall, with graying blond hair and green eyes. Police believe he is driving a black 2000 Mercedes-Benz 420E with tinted windows and a roof rack, with California license plate number 6EKT044.
Anyone with more information on his location was asked to call detectives at (323) 890-5500, or Crime Stoppers at (800) 222-TIPS.