The new owner of “The One” mansion in Bel Air is Richard Saghian, CEO of fast fashion brand Fashion Nova.
It’s official. After months of search, Los Angeles’ largest home, “The One” has found a new owner. The sprawling 105,000 square-feet property now belongs to Richard Saghian, CEO of fast fashion brand Fashion Nova. Saghian bought the estate at US$141 million, which included a US$15 million auction premium.
Originally listed at US$500 million, “The One” was developed by Nile Niami. The massive residence took more than ten years to build and incurred massive debt for Niami’s company, Crestlloyd. After multiple delays in payment, the company which owns the property put it into bankruptcy. Despite being put on auction, “The One” still finds it difficult to find interested buyers due to the lack of certificate of occupancy.
“Our goal was to secure US$200 million,” shares Aaron Kirman of Aaron Kirman Group at Compass, who is a co-listing agent for “The One”. “The marketing campaign we did was tremendous and felt around the world from Africa to Oceania and beyond. The main challenge was the lack of certificate of occupancy. Most wealthy people at this level, all they want to bring is their toothbrush.”
“Usually they even buy these homes with art, furniture and cars. Everyone loved the idea and opportunity of the house, but I think the majority of people didn’t want to go through the process of getting the certificate of occupancy.”
However, when it came to the bidding day, only five bidders were present. Kirman further adds that they have even shown the house to more than 40 billionaires worldwide.
Besides having 21 bedrooms and 42 bathrooms, the estate also has five pools, a nightclub, a full-service beauty salon, a wellness spa, a 10,000 square-foot sky deck and a 40-seater Dolby Digital home theatre.
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In the article discussing the sale of "The One" mansion in Bel Air to Richard Saghian, CEO of Fashion Nova, several key concepts are covered:
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Property Acquisition and Ownership: The article focuses on the sale of "The One" mansion, a massive 105,000 square-foot property in Bel Air. Richard Saghian, the CEO of Fashion Nova, purchased the estate for US$141 million, which included a US$15 million auction premium. The property was initially listed at US$500 million, highlighting the substantial difference between the initial valuation and the final purchase price.
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Development and Financial Challenges: The mansion was developed by Nile Niami and took over a decade to construct. However, the project incurred significant debt for Niami's company, Crestlloyd, leading to financial challenges and eventual bankruptcy for the owning company due to delays in payment. The lack of a certificate of occupancy posed a significant obstacle in attracting potential buyers, impacting the sale process.
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Real Estate Marketing and Challenges: Despite a robust marketing campaign that reached a global audience, the absence of a certificate of occupancy deterred many potential buyers. The article mentions the difficulty in convincing wealthy individuals, even billionaires, to engage in the lengthy process of obtaining the certificate required for inhabiting the property.
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Bidding Process and Buyer Interest: The auction day saw only five bidders present, despite the property being showcased to more than 40 billionaires worldwide. This disparity between the number of potential buyers and actual bidders reflects the challenges posed by the lack of certificate of occupancy and the complexities involved in acquiring such high-value properties.
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Property Features: Detailed descriptions of the mansion's luxurious amenities, including 21 bedrooms, 42 bathrooms, multiple pools, a nightclub, beauty salon, wellness spa, sky deck, and a 40-seater Dolby Digital home theatre, emphasize the opulence and scale of the property.
Overall, the article provides insights into the complexities of selling high-value real estate, the challenges faced in completing such transactions, and the factors influencing buyer decisions at the upper echelons of the property market.
