PHOTO: Snapchat owner Evan Spiegel. THE MIRROR

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, 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.

Miranda Kerr and Evan Spiegel
Miranda Kerr and Evan Spiegel look set to upsize, but they will need to get to work on their new home first. Photo: Axelle/Bauer-Griffin/Getty

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 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.