A search is underway for two gunmen behind the heist. Police say the incident happened late Monday night at a beachfront home on the 7500 block of Vista del Mar.
Investigators say the armed suspects got away with several thousand dollars in cash and rare coins. They also stole a gun from the residence. The homeowner's white Mercedes-Benz was also reportedly stolen, but it was later recovered by police at the corner of Jefferson and Lincoln boulevards, some three miles away from the house.
The victim was not injured in the incident. After the suspects left his home, he was able to untie himself and call for help.
Officials said the victim had just arrived at home when he was accosted by the two suspects, who forced him to the ground, tied him up and demanded property.
"He was sitting in his house, and then out from one of the back rooms came two individuals who bound him, and then took some money and some personal property," described LAPD Lt. David Crew.
Authorities believe the suspects may have entered the house through an unlocked sliding door.
Traci Cox, who lives next door to the victim, said she was asleep and didn't hear or notice anything out of the ordinary Monday night. She said she feels bad for her neighbor, who she says has always been very friendly and welcoming.
According to police, the two suspects were dressed in dark clothing and armed with handguns. Officials say the victim did not know the suspects.
The victim's home is visible from the streets, and neighbors say he often worked with his garage door open and may have been targeted.
"Because he works a lot with ATMs and he's always fixing them in his garage, so you never know who is seeing him when they're driving by because the street is so busy," said Cox.
It's not clear how long the suspects were inside the house before the resident came home. Investigators say the suspects left shortly after tying up the victim.
Police say the victim was too scared to look at the suspects, so there is minimal information regarding what they look like.
If you have any information about this incident, you're urged to contact LAPD at (877) LAPD-24-7 or (877) 527-3247.