A MEMBER of the famous Rothschild family has died in a house fire in the Hollywood Hills, say shocked neighbours.

Reclusive millionaire Will Rothschild is believed to have lived in the $1million Los Angeles home which was set ablaze as cops launch a probe into what caused the fire. 

The Los Angeles Fire Department responded to a reports of a fire on the 8500 block of Lookout Mountain Avenue on Wednesday afternoon.

Around 45 firefighters took 33 minutes to extinguish the fire but said they found a body inside the 825-square-foot home.

Neighbours told KABC he was Will Rothschild, a member of the billionaire British German banking family. 

Rothschild was described as private man who was rarely seen leaving the home but was known to keep dozens of expensive cars on the property.

The Los Angles County Medical Examiner's Office are yet to confirm the identity of the elderly man or his cause of death.

Neighbors are said to have found unopened mail and magazines outside the burnt-out home addressed to a "WM DE ROTHSCHILD".

Local Jim Moore said: "It is very sad. He was a good guy. A good neighbor."

The two bedroom, one bathroom house is worth an estimated $1,076,000, according to Zillow.

The cause of the fire has yet to be determined. 

Pictures show dozens of firefighters stood around the home moments after containing the fire.

Thick clouds of smoke from the property could be also seen billowing into the Los Angeles night.

One resident told local media that she called 911 after smelling burning and hearing "glass shattering" from across the road.

Huge flames had started to take over the home within minutes, they added.

Another neighbour said he knew the man who lived there as "Will".

He was said to be a huge dog lover and often seen taking out his Afghan hound.

The tragic death comes months after Lord Jacob Rothschild died at the age of 87.

The Rothschild family have been at the top of the financial tree since the 18th century.

They have an estimated fortune of around £825million, according to last year's Sunday Times Rich List.