Stefano Gabbana came close to buying a $60 million penthouse at the Mark Hotel in Manhattan, New York.

Gabbana - who has recently faced legal troubles with business partner Domenico Dolce - has been keen to acquire a property in the city and only opted out of the eye-watering deal after deciding that a land lease made the transaction too complicated.

An insider told the New York Post newspaper: ''Stefano has been searching for an apartment in New York this year. He was looking at apartments in the range of $60 million, but nothing south of 57th Street.''

Another twist to the story is Gabbana's apparent eagerness to ensure there is some distance between himself and Domenico Dolce.

The source added: ''Stefano wants to be nowhere near Domenico.''

In 2009, Dolce bought two penthouses in the Sky Garage tower in New York City for $29 million.

It was recently reported that Dolce & Gabbana threatened to pull $20 million of magazine advertising over a planned expose.

The design duo were upset US publication Vanity Fair were planning a feature on their financial woes, which saw them fined $470 million and sentenced to 18 months in jail after being found guilty of tax fraud in 2013.