The man's two young children were still in the Range Rover when the shooting happened around 6 p.m. on the 4900 block of Rupert Avenue. Police say the victim was shot four times in the chest, ambush style. He was taken to a hospital in critical condition.
Investigators say the shooter fled in a pickup truck. Police appear to have a suspect in mind, only described as a 55-year-old man. The suspect's name or connection to the victim was not released.
Some neighbors say the victim, who is in his mid-40s, was a jeweler and that the suspect may be a family member who he has had trouble with before.
"It would potentially require some degree of planning to know when our victim would've been coming home and to spring this kind of attack," said Lt. James Setzer with the Los Angeles Police Department.
Police say they're focusing on what they're calling an inter-family dispute.
"At this point, we're exploring multiple avenues during this investigation. We don't know yet what's real and what's not. We've been getting multiple sources of information, a lot of them conflicting, so we're still working at those avenues trying to determine what's accurate," said LAPD Sgt. David Blues.
Shortly after the shooting, police went to a home in Beverly Hills that investigators say is also part of an ongoing investigation. Officials say no arrests were made. As the investigation continues, authorities hope surveillance cameras in the area may give them a better look at the suspect.
Anyone with information about the case was asked to call Los Angeles police at (877) LAPD-24-7.