The 2-story Bev Hills house, which used to sit at the intersection of famed Rodeo Drive and a smaller street was recently razed, just the outline of its foundation remains on the lot.

As we reported, Pete was just charged Friday with reckless driving for crashing into the home back in March. Police say he was speeding through the neighborhood with his GF Chase Sui Wonders in the passenger seat.

At the time, the damage to the house seemed very minimal, and everyone figured Pete -- or the homeowner's insurance -- would just cover the repairs. It's unclear how much damage, financially speaking, was done ... but it is crystal clear a brand-new house will soon be on that lot.

As for why the owner decided to go all scorched earth on his abode ... no clue, really. We've reached out, but no word back yet.

BTW, if Pete's convicted, he could get up to 90 days in jail and a $1,000 fine.