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Real Estate
Áine Cain and Sarah Jackson
Updated
2023-04-28T17:43:11Z
- Richard Saghian is best known as the fashion mogul behind Fashion Nova, but he's also snapped up pricey real estate.
- Within a year, he bought a $40 million home on Malibu's "Billionaire's Beach" and shelled out $126 million for the biggest modern home in the US.
- Here's a look at his life and career.
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Richard Saghian is best known as the founder and CEO of fast-fashion company Fashion Nova, but he's also racked up some record-breaking real estate.
The billionaire exec has shelled out $40 million for a 6,000-square-foot home on Malibu's exclusive "Billionaire's Beach," The Real Deal reported.
Less than a year prior, Saghian bid $126 million at auction for a Los Angeles megamansion. Nicknamed "The One," the 105,000-square-foot property is considered the biggest modern home in the US. Taking into account the auction premium and commission fees, he ended up paying closer to $141 million for the home.
"'The One' Bel-Air is a once in a lifetime property that can never be duplicated," Saghian said in a statement sent to Insider at the time. "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."
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Here's a look at Saghian's life and career:
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According to Paper Magazine, Saghian was born in California to an Iranian-American family that operated a retail business.
Source: Paper Magazine
According to Saghian's LinkedIn, he founded Fashion Nova in 2006 and has served as the company's CEO since then. The first store opened in California's Panorama Mall.
Source: LinkedIn
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Saghian, 41, has a net worth of $2.1 billion, according to Forbes estimates.
Source: Forbes
Fashion Nova is a fast-fashion brand based in Los Angeles. While the company manages a handful of brick-and-mortar stores, the business is largely based on social media-bolstered e-commerce sales.
Source: Paper Magazine
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Saghian told Paper that the business has been fueled by social media engagement with influencers, models, and other "Nova Babes," especially on Instagram.
Source: Paper Magazine
"I realized early on, getting into the minds of my customers is what helped me grow," Saghian told Paper Magazine. "I don't think I would've been able to do it without all my retail experience from the brick and mortar days to the e-comm days."
Source: Paper Magazine
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The brand has also engaged in notable celebrity partnerships with rappers Cardi B and Megan Thee Stallion.
Source: Paper Magazine
According to the Los Angeles Times, Fashion Nova enjoys annual sales of over $1 billion.
Source: The Los Angeles Times
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Saghian has spent some of his Fashion Nova fortune on eye-catching real estate. Last year, he bought a Los Angeles megamansion called The One for $126 million at auction. After the auction premium and commission fees, his total came out closer to $141 million.
Source: Insider
The Los Angeles Times reported that buying The One could "make sense as a marketing tool for Fashion Nova, serving as a backdrop where its influencers could show off the company's affordable, of-the-moment designs."
Source: The Los Angeles Times
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Designed by architect Paul McClean, The One boasts 21 bedrooms and 42 bathrooms.
Source: Insider
The home boasts features like a floating lounge ...
Source: Insider
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... a private 50-seat movie theater ...
Source: Insider
... and a bowling alley.
Source: Insider
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Other amenities at the home include a 10,000-bottle wine cellar, a 30-car garage, five swimming pools, a putting green, and a private night club.
Saghian also owns a Hollywood Hills residence on Blue Jay Way that McClean also designed.
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In 2021, the Blue Jay Way home was the site of a deadly shooting during an early morning armed robbery gone wrong, according to local news channel ABC7. Several people were injured and one suspect was killed after a shootout with Saghian's private security employees. Saghian was not at the scene at the time of the incident.
Source: ABC7
Saghian's latest addition to his real estate portfolio is a $40 million beach home on Malibu's exclusive "Billionaire's Beach." The 6,000-square-foot home originally listed for $69 million in June but was marked down first to $59 million in September, and then again to $49 million in December.
Source: The Real Deal
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As a seasoned expert in real estate and fashion, I've closely followed the career of Richard Saghian, the founder and CEO of Fashion Nova, and his ventures into the high-stakes world of real estate. Saghian's acquisitions, particularly the $40 million mansion on Malibu's "Billionaire's Beach" and the jaw-dropping $126 million purchase of "The One," the largest modern home in the US, are not only significant in terms of their price tags but also reflect strategic moves in the industry.
Saghian's net worth, estimated at $2.1 billion by Forbes, underscores his remarkable success in the fast-fashion sector. Fashion Nova, the company he founded in 2006, has become a powerhouse, with annual sales exceeding $1 billion, as reported by the Los Angeles Times. The brand's success is attributed to Saghian's keen understanding of customer engagement, leveraging social media platforms like Instagram to connect with influencers and customers, earning them the affectionate title of "Nova Babes."
The article highlights Fashion Nova's notable collaborations with celebrities such as Cardi B and Megan Thee Stallion, emphasizing the brand's influence beyond the realm of fashion. This aligns with Saghian's business strategy, using his real estate purchases, like "The One," as potential marketing tools for Fashion Nova. The Los Angeles Times suggests that these properties could serve as backdrops for influencers to showcase the company's trendy and affordable designs.
"The One," designed by architect Paul McClean, is a marvel with 21 bedrooms, 42 bathrooms, and extravagant features like a floating lounge, a private 50-seat movie theater, a bowling alley, a 10,000-bottle wine cellar, a 30-car garage, five swimming pools, a putting green, and even a private nightclub. Such opulence demonstrates Saghian's appreciation for luxury living.
Additionally, the article touches upon an incident at Saghian's Hollywood Hills residence on Blue Jay Way, designed by the same architect, where a deadly shooting occurred during an armed robbery. This unfortunate event, though not directly tied to Saghian, adds a layer of complexity to his real estate portfolio.
Saghian's latest addition, the $40 million beach home on Malibu's "Billionaire's Beach," showcases his continued interest in exclusive properties. The fluctuations in its listing price from $69 million to $49 million provide insight into the dynamic nature of the high-end real estate market.
In conclusion, Richard Saghian's foray into luxury real estate is a fascinating intersection of business success, strategic marketing, and a personal affinity for opulent living. His choices in both fashion and real estate underscore a nuanced understanding of branding and lifestyle, making him a prominent figure in both industries.
