Fashion Nova CEO Is Buyer of $141 LA Million Mega-Mansion
Fashion Nova CEO Saghian Is Buyer of $141 Million Mega-Mansion
(Bloomberg) -- Richard Saghian, owner of the fast-fashion business Fashion Nova, has emerged as the winning bidder of the Los Angeles mansion known as “The One.”
The 21-bedroom, 49-bath Bel Air estate sold Thursday for $141 million to an undisclosed bidder, whose identity was confirmed to be Saghian on Sunday.
He beat out four other offers for the 105,000-square-foot (9,750-square-meter) property, the biggest U.S. home ever to go up for auction, according to the Los Angeles Times, which was first to report the top bidder’s name.
Saghian owns two other homes in Southern California, including a $14.7 million Malibu beach house purchased from Netflix Inc. Chief Executive Officer Ted Sarandos, and a $17.5 million home in Hollywood Hills, the newspaper said.
“There is nothing else like it,” Saghian, 40, said in a statement. “As a lifelong Angeleno and avid collector of real estate, I recognized this as a rare opportunity that also lets me own a unique property that is destined to be a part of Los Angeles history.”
Saghian is a fan of the home’s architect, Paul McClean, according to Branden Williams, the real estate agent who with his partner Rayni Williams and Stuart Vetterick of Hilton & Hyland, introduced Saghian to the Bel Air property.
“He really sees value for the price he got it,” Branden Williams said. “It’s a spectacular property.”
Saghian’s company, known for its ties to celebrities like Cardi B and Lil Nas X, has annual sales that exceed $1 billion, the LA Times said, citing a person close to Fashion Nova. The mansion could be used as a marketing tool for the brand, serving as a backdrop for influencers showing off its designs, according to the newspaper.
“From Cardi B to Kylie Jenner, there isn’t a famous booty our jeans haven’t been on,” Fashion Nova’s website says. “Tyga, The Game, YG, City Girls, Saweetie, Offset -- you’ll hear Fashion Nova mentioned in the hottest chart-topping hits, worldwide.”
Fashion Nova has also battled copyright infringement lawsuits and agreed to pay $4.2 million in January for suppressing negative reviews of its products.
While the winning bid was more than double the previous record for a U.S. home auction, it fell short of the estate’s $295 million list price. The developer, Nile Niami, floated a $500 million price tag in 2015. Niami’s development firm filed for bankruptcy last year after lenders sued to foreclose. The project has $255.7 million in debt, according to a filing in the case.
The sale requires approval by a bankruptcy court judge, with a closing scheduled by March 21.
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