Investigators say the shooting occurred at about 2:30 a.m. in the 5300 block of Andasol Avenue, an upscale neighborhood.
The victim, identified by friends and neighbors as 80-year-old Howard Cohen, was transported to an area hospital, where he died. Area residents told police the victim was well known and well liked by the neighborhood.
The circumstances of the shooting are under investigation. It's not clear whether the shooting involved a robbery or a break-in. The case is being handled by LAPD's Robbery-Homicide Division.
Los Angeles police say the man's wife was at home at the time of the incident. She has spoken with investigators in the case. One neighbor described the elderly couple as great people.
Police did not have any information about possible suspects, and no arrests have been made.
Anyone with information about the case was asked to call Los Angeles police at (877) LAPD-24-7.