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 Sunday.
Saghian beat out four other offers for the 105,000-square-foot home, the biggest U.S. home ever to go up for auction, according to the LA Times, which was first to report the top bidder’s name. He 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 the 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 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 property could be used as a marketing tool for the company, serving as a backdrop for influencers showing off its designs, according to the newspaper.
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 sale requires approval by a bankruptcy court judge, with a closing scheduled by March 21.
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As an expert in real estate and business, I can confidently delve into the details surrounding Richard Saghian's acquisition of "The One," a lavish mansion in Bel Air. My depth of knowledge in the field allows me to provide insights into the context and implications of this high-profile real estate transaction.
Richard Saghian, the visionary behind the successful fast-fashion business Fashion Nova, has made headlines by securing the winning bid for the sprawling estate known as "The One." This 105,000-square-foot mansion boasts an extravagant 21 bedrooms and 49 bathrooms, making it the largest home ever to go up for auction in the United States. The transaction, which took place for a staggering $141 million, marks a significant event in the luxury real estate market.
The auction, initially shrouded in mystery regarding the buyer's identity, revealed Saghian as the undisclosed bidder. This confirmation adds a layer of intrigue to the story, as Saghian is already a notable figure in the business world, particularly within the fashion industry. This acquisition further solidifies his status as a prominent player in both business and real estate.
Saghian's portfolio already includes two other Southern California residences—a $14.7 million Malibu beach house acquired from Netflix Inc. Chief Executive Officer Ted Sarandos and a $17.5 million home in the Hollywood Hills. His statement about the Bel Air property being a "rare opportunity" suggests a keen appreciation for unique real estate and a desire to be part of Los Angeles history.
It's noteworthy that Saghian is a fan of architect Paul McClean, indicating a deliberate and informed choice in selecting properties. The real estate agent Branden Williams, along with his partner Rayni Williams and Stuart Vetterick of Hilton & Hyland, played a crucial role in introducing Saghian to the Bel Air property. Williams emphasizes Saghian's recognition of the property's value and describes it as a "spectacular" asset.
Beyond the personal appeal, there's a strategic aspect to this acquisition. Saghian's company, Fashion Nova, known for its strong ties to celebrities like Cardi B and Lil Nas X, has annual sales exceeding $1 billion. The mansion could serve as a potent marketing tool, providing a stunning backdrop for influencers showcasing Fashion Nova's designs. This aligns with the evolving trend of brands using luxurious real estate as a means of enhancing their image and visibility.
Despite the impressive winning bid of $141 million, it's essential to note that this fell short of the estate's initial list price of $295 million. The sale is subject to approval by a bankruptcy court judge, with a closing scheduled by March 21. This legal aspect adds a layer of complexity to the transaction, emphasizing the need for careful scrutiny and adherence to regulatory processes.
In conclusion, Richard Saghian's acquisition of "The One" goes beyond a simple real estate transaction. It reflects strategic business thinking, a passion for unique properties, and a commitment to making a mark in Los Angeles history. As the owner of Fashion Nova, Saghian leverages the mansion's potential as a marketing asset, further intertwining the realms of luxury real estate and high-profile fashion.
