Chanel has set a Southern Californian real estate record with the purchase of an 11,500 square-foot store on Beverly Hill’s Rodeo Drive for US$152 million.

“It is a regional record price, and sets a new standard for Los Angeles-area retail space,” Scott Kalt, Partner at Elkins Kalt Weintraub Reuben Gartside LLP, which represented the seller, told Real Estate Business. “This is a premier retail location for world-class luxury-goods purveyors, and we were very happy to have obtained such an aggressive price for our client.”

The previous record was held by LVMH CEO Bernard Arnault, who purchased a store on the famous shopping avenue for US$11,971 per square foot.

Chanel already owns an adjacent property to its new store and is said to be intending to combine the two spaces.