Miranda Kerr and Evan Spiegel finally close the deal on their new LA home

Social media billionaire Evan Spiegel, married to Aussie supermodel Miranda Kerr, has finally settled the legal deal on their colossal $172 million estate.

He made the successful offer on the unfinished property – across the road from the Playboy Mansion, in an iconic pocket of Los Angeles, California – about two years ago. However, a long escrow period applied, meaning the transaction for the ultra-exclusive estate is only now finalised, US media reported.

The extended escrow was in place, according to Dirt.com, because the Holmby Hills address was partially through a major rebuild when purchased by the Snapchat founder and former Victoria’s Secret Angel.

An escrow means an independent third party holds the documents related to the property for a period, and the buyer instructs that party to release the purchase price to the seller, for complete change of ownership, only when certain conditions are rubber stamped.

It is likely the formality was in place to protect the couple’s financial interests, because the property was still under development.

Dirt revealed in August 2021 that Spiegel earlier inked the contract for $US120 million ($172 million), against a $US50 million ($72 million) mortgage.

The 32 year-old CEO of Snap Inc also later bought a neighbouring parcel of land to extend the estate’s footprint, paying $US25 million ($36 million), so the true value of their address is much higher.

The couple – he has a net worth of $US14 billion ($20.18 billion) and she has independent wealth as one of the world’s long-time leading supermodels, including a tenure as the face of department store David Jones – have not yet moved to Holmby Hills, it has been reported.

Instead, they have been residing in the LA postcode of Brentwood, in a home formerly owned by Star Wars and Indiana Jones great Harrison Ford, while the mega estate is completed.

Spiegel, who co-founded Snapchat while a Stanford University student, and Kerr, 39, met at a Louis Vuitton dinner at the Museum of Modern Art in New York, and married in 2017.

The bride, who founded successful skincare company Kora Organics on the back of a legendary magazine and runway career, wore custom Dior.

Their home, which they will share with their sons, is one of the most expensive in California.

In the stratosphere of American real estate deals, and in a realm – glitzy LA – where big money on property is par for the course, only a handful of sales have ever been higher.

Both blocks of land were sold to them by another billionaire – Brit Ian Livingstone, a property developer.

Kerr and Spiegel have two boys, Hart and Myles. Kerr shares eldest son Flynn with actor Orlando Bloom.

Kerr and Spiegel made headlines three months ago when they surprised graduating pupils from Otis College of Art and Design by paying off their students loans, valued at $US10 million ($14 million). The couple attended the graduation ceremony and their gesture was met with shock and tears from the youngsters.