Coast Guard divers found his body around 12:30 p.m. Saturday.
The search began after the man's 18-foot motorboat was found unattended and anchored around 9 p.m. Friday night, about 500 yards off Bluff Cove, officials stated in a press release.
The unidentified man was last reported free diving wearing a wet suit in the area. Friends reported him missing after he failed to check-in with them.
The Coast Guard said it deployed a 45-foot response boat and a helicopter crew as part of the search. The Los Angeles County Fire Department lifeguards and the Redondo Beach Fire Department's Harbor Patrol assisted.