Tom Ford is raising his son Jack in London because he wants him to learn "old fashioned manners"

He told The Sunday Times newspaper: "I always intended to raise Jack in the UK. He was indeed raised here until he was five. We moved to LA to be near Richard's doctors ...

"I think the education system is perhaps more old-fashioned here [in the UK] in some ways, but I also feel that it's more complete, and that a scholastic work ethic and manners are still incredibly important. While I love Los Angeles, I think it's a place to live when one is an adult ...

"The extremely materialistic and status-conscious culture and lack of old-fashioned manners was starting to influence his behaviour and values. I can see a tremendous change in him since he has been back in a London school."

He added of life in the British capital: "This will sound quaint, but I love London. It has all the same cultural advantages of New York City, if not more. It's calm, peaceful, there's more green. It's civilised and I love English humour."

The billionaire designer was reported to have splashed out £80 million on a luxury abode in London's affluent Chelsea district, but Tom is adamant the sale price was nowhere near that.

He told the publication: "The asking price for that house is not what I paid. I did an exchange with another flat I owned in London."

Tom went on to reveal he now owns eight houses - in the US and in London - and four are currently for sale. He added: "Now I'm creating a new life, a new place, new house, new everything."

Last year, the filmmaker paid a whopping $52 million for Jackie Kennedy Onassis' childhood home. The fashion muse - who sold his eponymous label to Estée Lauder Cos. in a deal valued at around $2.8 billion - bought the Hamptons home from media producer David Zander.

The house sits on seven acres of land, just blocks from the Atlantic ocean and was originally listed for $55 million.