The car was bought for almost USD 1 million at an auction in London last month, but the buyer's identity was not made public at the time.
Now Tesla Motors, Musk's electric cars company has confirmed that he is the buyer of the vehicle.
The 42-year-old visionary behind PayPal and the commercial space exploration company SpaceX, now plans to turn the high-tech vehicle - known on the 1977 movie set as "Margie Nixon" and "Wet Willie" - into a working undersea car.
"I was disappointed to learn that it can't actually transform," he said.
In the classic film, James Bond, played by Roger Moore, steers the white sports car off a pier and into the water, and the car sprouts fins and propellers, and manoeuvres its way along the ocean floor.
Musk will now attempt to make that movie stunt a reality, by turning the prop into an actual car that transforms into an underwater sub.
Musk recently unveiled designs for another ambitious project, called Hyperloop, a USD 6 billion, solar-powered, elevated ultra-rapid transit system that would be able to transport people and goods between Los Angeles and San Francisco while covering a 570 km route in just 35 minutes.