Fashion icon Karl Lagerfeld has made a loss of more than $2 million (£1.25 million) after selling off his New York apartment last month (Dec12).

Chanel's creative director purchased the three-bedroom pad with access to Manhattan's exclusive Gramercy Park for $6.69 million (£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 $6.5 million (£4 million), but the property failed to sell until December (12), when he agreed to slash the price and let it go for $4.5 million (£2.8 million), reports the New York Post.