Karl Lagerfeld makes big loss in New York apartment sale

Fashion icon Karl Lagerfeld has made a loss of more than £1.25 million after selling off his New York apartment last month.

Chanel's creative director purchased the three-bedroom pad with access to Manhattan's exclusive Gramercy Park for £4.18 million in 2006, but despite making slight adjustments to the property, he never moved in.

He placed it on the market in 2011 at the slightly reduced price of £4 million, but the property failed to sell until December when he agreed to slash the price and let it go for £2.8 million, reports the New York Post.