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Beach house in La Jolla
Location: La Jolla, Calif.
Purchase price: $12 million
Value: $9.6 million

On the opposite coast, the Romneys own a waterfront home in La Jolla, Calif. They bought this beach house in May 2008 for $12 million, according to public records.

The Spanish-style home is on a cul-de-sac with direct access to the beach, a secluded patio, a lap pool, a spa and a chef's kitchen.

Zillow currently values the home at $9.6 million, but that's about to change. After the election, they are planning a massive overhaul of the place, a campaign representative said.

The Romneys have filed an application with the city to tear down the 3,000-square-foot, single-story property and build a more than 8,000-square-foot, three-story home, according to the city of San Diego's development services department.

By Jessica Dickler @CNNMoney - Last updated January 26 2012: 11:49 AM ET
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