Greek shipowner Vasilis Bacolitsas has been doing a little wheeling and dealing outside his traditional sale-and-purchase markets.

The director of Sea Pioneer Shipping is reported to have spent $17.5m on a house in the exclusive Brentwood area of Los Angeles.

According to Dirt and Greek City Times, the property, described as a “stately traditional mansion”, was originally put on the market a year ago for nearly $24m.