Fashion Nova CEO is buyer of US$141M mega-mansion in LA
BNN 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.”
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 US$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 US$14.7 million Malibu beach house purchased from Netflix Inc. Chief Executive Officer Ted Sarandos, and a US$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.
