Basketball great Magic Johnson has paid $7,600,000 for a newly built, 7,764-square-foot mansion on Monarch Beach in Dana Point, Calif., which is south of Los Angeles, in Orange County.

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Last Sunday, the Los Angeles Times' Ruth Ryon broke the story of Johnson buying the three-story, Mediterranean-style house, which is at 74 Ritz Cove Drive in Dana Point. In Ryon's column, Johnson's agent characterized the house as a 'vacation home,' ostensibly to complement Johnson's primary residence, which is a seven-bedroom, 12,169-square-foot mansion on 4.283 acres at 12 Beverly Park Drive in the Beverly Hills, Calif. postal area.

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The five-bedroom house in Dana Point has seven baths, a living room opening to a loggia, a deck, a wine cellar, a home theater, an elevator, a pool, and views of Catalina Island, the Pacific Ocean and the coastline, according to listing information and the Times. The mansion originally had been listed for $8,195,000 and later was reduced to $7,795,000.

Check out an online listing sheet for Johnson's new house -- complete with photos -- here