Fashion Nova's Richard Saghian has just purchased the most expensive mansion in the U.S. for a heavily discounted price. The founder of the fast-fashion giant was revealed to be the winning bidder for the famous Bel-Air mega-mansion called "The One."
The 21-bedroom, 49-bath ultra-luxury home was sold on Thursday to an undisclosed buyer for $141 million. Saghian confirmed on Sunday that he had bought the home, beating four other offers for the 105,000-square-foot property.
The One, which has already been rented out for filming, is flamboyant property developer Nile Niami's magnum project. The home was originally listed on the market for $500 million. However, after Crestlloyd - the home's limited liability company - had defaulted on $106 million in construction debts, the mansion was put into bankruptcy. The property was later listed on the market at $295 million.
Saghian's winning bid came in at $126 million, but the 12% auction fee brought the total cost to $141 million. Despite the price breaking the record for the most expensive mansion ever sold at auction, it was less than half of the original asking price. It was also well below the California record established by entrepreneur Marc Andreessen in October when he paid $177 million for a Malibu mega-mansion.
The mansion has been derided by some in the real estate world as gaudy and too excessive, while others have viewed it as the ultimate trophy home - complete with a litany of facilities geared at the party crowd. A sky deck with cabanas, numerous pools, a private theater, a bowling alley, a billiard room, a confectionery room, a salon and spa, and a nightclub are among the luxury amenities that come with the Bel Air estate.
Saghian also owns two additional luxury properties in Southern California, including a $14.7 million beach property in Malibu that he bought from Netflix CEO Ted Sarandos and another $17.5 million mansion in the Hollywood Hills.
The 40-year-old entrepreneur launched Fashion Nova in the industrial area of Vernon in 2006 and is now the company's CEO. His company has had a lot of success selling cheap stylish clothing on its website, and it's backed up by huge personalities in hip hop, and a slew of Instagram influencers such as rapper Cardi B, model Kylie Jenner and pop superstar Lil Nas X. Saghian fully owns the privately held company, and its yearly sales have recently surpassed $1 billion.
Buying The One would not only add to Saghian's real estate portfolio, but it might also serve as a promotional tool for Fashion Nova. The fast-fashion company had been previously accused of wage fraud by its suppliers, causing it to tighten up contractual standards. It also agreed to pay $4.2 million in January to resolve federal charges that it suppressed negative product reviews on its website.
Orange County architect Paul McClean, who previously designed Saghian's Hollywood Hills house, created the ultra-modern marble-and-glass residence.
