Snapchat's Evan Spiegel spends more than $134 million on LA fixer-upper

Snapchat chief executive Evan Spiegel and model Miranda Kerr have spent more than $134 million on a Los Angeles fixer-upper across the street from the Playboy Mansion, according to media reports.

The Snapchat co-founder and Aussie model turned businesswoman have spent upwards of $US100 million ($134.7 million) on a sprawling and currently unfinished compound, Dirt.com reports.

The compound in Holmby Hills on the west side of Los Angeles is spread across two neighbouring properties, both sold by British billionaire property developer Ian Livingstone.

Spiegel first paid $US25 million for a vacant block of more than 5660 square metres, back in May.

He also purchased the gutted mansion next door, which sits on more than a hectare and offers more than 1850 square metres of living space. The property was once owned by music producer Kenneth “Babyface” Edmonds and has been under construction for several years.

Real estate records have yet to show exactly what Spiegel paid for the second property, but Dirt.com reports that corporation records show a shell company was created to buy the place early this year, with the entire deal believed to have topped $US100 million.

It’s a big increase on the $US72 million that Livingstone paid for the two blocks in 2014 and 2017, though he also spent up big on plans and permits before gutting the mansion.

It’s also a big step up for Spiegel and Kerr, who spent $US12 million on a seven-bedroom Los Angeles home back in 2016. The Brentwood estate, once owned by actor Harrison Ford, has been home to the pair since.

The Holmby Hills property had been marketed as an incredible opportunity to build a dream estate on one of the area’s finest trophy blocks. The listing noted the property has a gated private driveway and is secluded amid towering trees and lush landscaping to create an incredible private park-like setting.

The purchase comes after Spiegel spent $US30.4 million on a baroque estate in Paris last year.

Jonathan Nash and Stephen Resnick of Hilton & Hyland held the Holmby Hills listing.