Beyonce and Jay Z have lost out on their second dream home in Los Angeles after they were outbid by designer Tom Ford.

The hip-hop supercouple has been searching for the perfect pad ever since deciding to relocate from the rapper's native New York to California in 2014.

They recently placed a $49 million bid on a 10-bedroom estate in Beverly Hills, but they have been edged out by fashion guru Ford, who offered up $1 million more and sealed the deal, reports TMZ.com.

The property has showbiz history - it was built in 1934 and was previously owned by actor William Powell and James Bond franchise producer Albert Broccoli.

Ironically, Jay Z is a big fan of Ford and even rapped about the designer's eponymous brand in a 2013 song named after the label.

It's the second Los Angeles home Jay Z and Beyonce have missed out on. In late 2014, they made an undisclosed offer on another Beverly Hills compound, which featured eight bedrooms, a movie theatre, a candy room, and vodka and tequila bars. That pad was snapped up by Minecraft video game creator Markus Persson, who reportedly handed over $70 million in cash for the mansion.

The house news means the couple will have to rent for a little longer until finding a new home.

Beyonce is currently on her Formation World Tour, which will keep her on the road until early October (16). She kicked off the trek in Miami, Florida last month (Apr16) and will wrap up the North American leg in June (16), before heading to Europe.

Jay Z has been accompanying her to each city on her tour, as has the pair's four-year-old daughter Blue Ivy.