A further 11 people were injured, including Alice's husband, Christian Casadei, Corriere della Sera reported.
Alice, daughter of Valerio Gruppioni, president of the global radiator heating firm, Sira Group, and a former president at Bologna football club, died in hospital a few hours after the incident at the popular tourist spot.
A security video at a nearby restaurant shows a man parking his car along the boardwalk and observing the scene for a few minutes before getting back into the car and driving it at high-speed into the crowd.
A few hours later, a man walked into Santa Monica police station and surrendered himself.
Watch the video: