Psy splashes out on Los Angeles pad

South Korean rapper Psy is using the royalties from his Gangnam Style mega hit to purchase a new home in Los Angeles.

The viral video star has snapped up a £781,250 condominium in the exclusive Blair House building near Beverly Hills - and settled the big fee in cash, according to TMZ.com.

The cost of the two-bedroom pad is small change for the international chart sensation - he has reportedly raked in a whopping £4.94 million in the past few months alone, just from the popularity of the catchy tune.

The song's promo, featuring his crazy horse-style dance routine, has become the most-watched video ever on YouTube.com after racking up more than 991 million views since July.