Kim Kardashian leads star-studded event wearing controversial jewellery once belonging to Princess Diana

Kim Kardashian turned heads with her plunging Gucci gown and $300,000 pendant that once belonged to a very famous royal.

The stylish set were in full force at the LACMA Art + Film Gala in Los Angeles over the weekend.

Leading the way was Kim Kardashian, who rocked a daringly low neckline in her floor-length Gucci gown as she attended the event at the Los Angeles County Museum of Art among the likes of Chloë Sevigny, Ellie Goulding, Sarah Paulson and Sophia Richie.

Long considered reality TV royalty, Kardashian paid homage to actual royalty by accessorising with an amethyst and diamond cross pendant that once belonged to the late Princess Diana, who wore the iconic piece of jewellery to a charity event in 1987.

This was the first time Kardashian wore the 5.25-carat pendant in public since controversially buying it at a Sotheby’s auction for $US200,000 ($300,000) last year.

Speaking of royalty, the queen of fashion Anna Wintour made the trek from her New York stomping grounds to attend the LA event with Australian film director Baz Luhrmann, who was being honoured for his contribution to the arts alongside artist Simone Leigh.

Blake Lively channelled her famous Gossip Girl character Serena van der Woodsen, wearing a Tamara Ralph couture minidress encrusted with rose gold, pink and topaz crystals.

She added extra wow factor with the billowing orange, silk-taffeta cape.

Pop star Charli XCX shone just as brightly in her mirrored bra top and matching maxiskirt both by Gucci, who sponsored the flashy event.

Model Kaia Gerber rocked a mint green gown with a feathered hemline, while fellow model Cara Delevingne brought the drama in her backless, one shoulder gown complete with asymmetric cape.

Baby Driver star Eiza Gonzalez also embraced the cape trend in a sheer, pleated orange Gucci gown.

Oscar winner Viola Davis and Scream actress Mikey Madison also had stunning capes incorporated into their gowns.

Italian model Vittoria Ceretti followed suit with a lilac feathered cape.

Although she did not pose with boyfriend Leonardo DiCaprio for photos, the pair likely mingled away from the cameras inside as the actor has co-chaired the event for the last 13 years alongside fashion designer Eva Chow.

Woman of the Hour star Anna Kendrick and celeb stylist Rachel Zoe both took a walk on the bright side with their standout gowns.

Kendrick was pitch perfect in her strapless chartreuse dress she styled with a burgundy lip and bow, and recently separated Zoe looked festive in her gold tasselled gown.

Meanwhile, actress Laura Dern stuck to the sheer and lace trend with her Gucci number.

For the occasion, the Big Little Lies star opted for a long-sleeve black dress with a plunging neckline that had a dainty bow tied across the front.