A billboard featuring a naked Tamara Ecclestone with just two magazines to protect her modesty has been branded "offensive" and "inappropriate" for public display.

The promotion, for fly-on-the-wall television show Tamara Ecclestone: Billion Dollar Girl, showed the 27-year-old heiress lying propped up on one elbow, apparently wearing nothing but a bracelet.

Text alongside the picture stated: "The cover girl. Uncovered."

But the advertising watchdog dismissed objections from several complainants.

While it acknowledged the promotion could be considered "distasteful", it ruled the advertisement was not gratuitous and did not objectify women.

"We considered that the woman was shown in a naturalistic pose and there was nothing in her body language or facial expression which was likely to be considered sexually suggestive," the Advertising Standards Authority (ASA) said.

"We also considered that, although the woman appeared to not be wearing any clothes, the ad contained no nudity or indecent exposure because she was covered by magazines.

"We acknowledged that some might find the content of the ad distasteful, but concluded that the ad was not irresponsibly placed and was unlikely to cause serious or widespread offence to the public in general or to cause harm to children."

Channel 5, which broadcast the reality show, said the concept for its advertisement came from the documentary which aimed to reveal the "the naked truth" behind the model and TV presenter's glamorous image.

Miss Ecclestone, the elder daughter of motor-racing magnate Bernie Ecclestone, has lived much of her life in the public eye.

Prior to Billion Dollar Girl, which documented her lavish lifestyle, she was frequently seen scantily-clad as the the face and body of lingerie brand Ultimo.

Last year Miss Ecclestone, a former pupil at the prestigious Francis Holland School for girls in Sloane Square, was pictured beaming on the roadside next to a new Ferrari - reportedly a gift from her boyfriend, Omar Khyami.

She hit the headlines again just months later when detectives were called to investigate a suspected blackmail attempt.

The socialite was reported to have contacted police after allegedly receiving threats to reveal details about her personal life.