Fast fashion company Fashion Nova keeps its prices affordable — but its owner splashed out nine figures to buy a roughly 105,000-square-foot Los Angeles mansion.
Richard Saghian, who founded the company in 2006 and serves as its CEO, is the winning bidder of “the One” — a Bel-Air property that’s the largest home in the City of Angels, The Los Angeles Times reports. The estate sold far below its intended $500 million asking price, and its most recent one of $295 million while listed by real estate brokers on the open market.
On Thursday, the 21-bedroom home sold at a no-reserve auction for $126 million, or $141 million when including the fee. At the time, the Wall Street Journal reported the buyers are local to Los Angeles who won’t live there, but planned to use it as an investment.
“The One Bel-Air is a once-in-a-lifetime property that can never be duplicated,” Saghian, 40, told the Times in a statement. “There is nothing else like it. 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.”
A bankruptcy court judge plans to hold a hearing to review the sale later this month to decide whether or not it should proceed. Saghian is legally obliged to close on the deal by March 21.
Saghian founded Fashion Nova in Vernon, Calif. — a city southeast of downtown Los Angeles. It isn’t just known for its budget-friendly looks, but also for support from celebrities such as Lil Nas X and Cardi B. Its annual sales now exceed $1 billion, the Times notes, adding it could potentially serve as a backdrop for fashion shoots.
Saghian owns two other SoCal homes. One, in Malibu, he bought from Netflix CEO Ted Sarandos in 2021 for $14.7 million. The other, in the Hollywood Hills, he bought for $17.5 million in 2018.
Nile Niami developed the home, but eventually put it into Chapter 11 bankruptcy after the One’s owner — a limited liability company named Crestlloyd — defaulted on more than $100 million in construction loans.
Other home features include 360-degree views of the Pacific Ocean, the Los Angeles skyline and the San Gabriel Mountains. There’s also a 30-car garage, no fewer than five swimming pools and a full-service beauty salon.