Greek shipping Stavros Niarchos III has reportedly bought the Beverley Hills estate of Hedi Slimane, the creative, artistic and image director of French luxury brand Celine for $13.5 million which was $4million below the original asking price.

The property, featuring a well-preserved mid-20th Century home which Slimane bought for $4,7 million in 2009, was bought by an “entity” linked to Mr Niarchos, said online site

The site said that in 2011, Mr Niarchos paid Richard Neutra $12,8 million for another architecturally significant Hollywood property, Kronish House. In 2019, Mr Niarchos forked out $15 million to buy a neighbouring mansion.

The new acquisition is up the hill from Kronish House and was designed by modernist architect Rex Lotery in 1961. The 427 square metre building features five bedrooms and six bathrooms. with stark interiors that have been carefully maintained.

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Mr Niarchos, aged 36, who was born in New York, grew up mainly in Paris. He now runs his business and philanthropic work is now centred in Monaco.