Lagerfeld makes a property loss

Designer $2 million down on NY apartment sale

Investing in prime property won’t always pay off, Karl Lagerfeld has just discovered.

The reports that the designer has made a loss of $2 million on a three-bedroom Gramercy apartment he bought for $6.69 million in 2006, quietly accepting $4.5 million for it last month.

As well as achieving a bargain price, new owner Sebastian Barrackwill – an investment banker – has bought himself a little piece of fashion history, as Karl spent additional funds installing ‘custom bookshelves and other personal touches’. All this despite sources confirming that he had never lived there.

Advertisement - Continue Reading Below

A $2 million loss is small fry, of course, to a star of Lagerfeld’s calibre – a recent WWD report suggested that he earned upwards of $108.2 million last year alone. And property woes are bound to be the furthest thing from his mind right now, as he prepares to show Chanel’s spring/summer 2013 Haute Couture collection in Paris today.

Tommy Hilfiger to Host NYFW Funfair
​Hands and legs inside the carriage please​
Gucci AW16
Autumn / Winter 2016 Campaigns
A look at the new season
high street edit august 18 2016
What to wear
The Ultimate High Street Edit
182 high street buys, picked by ELLE for you
Why The Dawn Of Gender Fluidity Doesn't Mean That Womanhood Is Over
​Fashion has made a new case for the lady - and she's fierce ​
Advertisement - Continue Reading Below