(Creative Commons)

Beutner cited a desire to spend more time with his family as the reason for dropping out.

"My family has been my biggest supporter in this effort, but my own needs at this time are for me to be engaged with my family in a way which is at odds with the demands of a campaign," read a statement off Beutner's website.

Rumblings of Beutner's pending withdrawal came earlier this afternoon, when unnamed friends came forward claiming Beutner would announce the news later in the afternoon.

According to LA Weekly, Beutner, the former Los Angeles jobs czar, is a virtual unknown to voters.  His exit benefits Controller Wendy Greuel, who will now likely nab the support from the Republicans and pro-business voters who would have previously backed Beutner.

Bloomberg reports Beutner's campaign raised $627,000 last year with the help of contributions from KB Home, Hollywood producer Jerry Bruckheimer and actress Debra Messing.

Greuel released a statement shortly after thanking Beutner for his service and his willingness to "speak out when he saw waste and inefficiency in government, no matter whose feathers might be ruffled."

Councilman Eric Garcetti also responded to the news in a press release saying:

"Through his non-profit work, his public service and his candidacy, Austin has elevated the debate around jobs, reform and the need to move every Los Angeles community forward.  I know he will continue to contribute a strong voice to the civic discussion and I wish him and his family the best."

Former radio host and candidate Kevin James highlighted Beutner's "mutual disgust" for City Hall business and pledged to carry out the pair's "similar sentiments to make Los Angeles great again."

Beutner pledged to return all campaign contributions.  Only Garcetti, Greuel, Councilwoman Jan Perry and Kevin James remain as candidates.

Reach Amanda Martinez here