Steve Nash retirement: Lakers star drops $4.8 million on 'ugly' Manhattan Beach home

Steve Nash, Los Angeles Lakers star, has just spent $4.8 million to purchase a Manhattan Beach residence just two blocks from the sand, reports TMZ.

Quoting sources, the website reports that the professional basketball player has been looking for a permanent residence on the West Coast for quite some time now - a place where he could settle once his career as a player ended.

Although not much detail is available regarding the property, TMZ describes it as a "4,175-square-foot gem" - except for the fact that "it's super ugly and outdated."

Rumor has it Nash will demolish the entire construction and build his dream home where he can retire in luxury. He is reported to have a builder ready and plans to start work as soon as possible.

According to reports, the asking price for the property was $5 million, but Nash was successful in striking a deal, paying $4.8 million in cash for the place.

Forty-year-old Nash is a Canadian professional basketball player currently playing for the Lakers. Following a successful basketball career in British Columbia, he earned a scholarship to Santa Clara University in California. He spent four seasons with the Broncos, making three NCAA Tournament appearances. Twice Nash was named the West Coast Conference (WCC) Player of the Year.

On several occasions, Nash has been honored for his contributions to various philanthropic causes. In 2006, he was named by TIME as one of the 100 most influential people in the world. He also received the Order of Canada in 2007.