Gwyneth Paltrow and her husband Chris Martin have bought a "spectacular" new property in Los Angeles, it has been reported.

The couple are believed to have splashed out close to the $10,450,000 asking price for the six-bedroom mansion, which is situated on the west side of the city.

The beautiful house has been designed by famed architect Windsor Smith and is set in spacious grounds surrounded by Sycamore trees, boasting a guesthouse and stables.

"Gwyneth Paltrow is in escrow on one of the most spectacular estates on the west side of L.A. and it's costing her and hubby Chris Martin a pretty penny," TMZ reports. "The house - courtesy of famed architect Windsor Smith - was listed for $10,450,000. We're told Gwyneth and Chris paid close to the asking price. The house has six bedrooms and eight baths, which means their two kids will probably get their own rooms."

The luxury white abode features a pale grey slate roof and a grand gated entrance. The inside is light and airy thanks to the many floor-to-ceiling windows and beautiful wooden floors.

Built in 2011, the property was originally listed at close to $12million but has recently been reduced.