economie

Meet Richard Saghian, Fashion Nova’s billionaire CEO who owns the biggest modern home in the US —a $126 million LA megamansion

September 3, 20240
Richard Saghian is the billionaire founder and CEO of Fashion Nova.

Fashion Nova

  • 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.

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 Business 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.”

Here’s a look at Saghian’s life and career:

Saghian was born in California to an Iranian-American family that operated a retail business.
Lil Nas X performs at a Fashion Nova event in 2019.

Jerritt Clark/Getty Images for Fashion Nova/Getty Images

Source: LinkedIn

Saghian has a net worth of $1.3 billion, according to Forbes estimates.
A model represents Fashion Nova at a show in Fredericksburg, Virginia.

Noam Galai/Getty Images for FTM Fashion Week

Saghian told Paper Magazine in 2018 that the business has been fueled by social media engagement with influencers, models, and other “Nova Babes,” especially on Instagram.
Cardi B strikes a pose at a Fashion Nova event.

Tommaso Boddi/Getty Images for Fashion Nova/Getty Images

According to the Los Angeles Times, Fashion Nova enjoys annual sales of over $1 billion.
Saghian has spent some of his wealth on real estate.

Joe Bryant

In 2022, 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.

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.”

Designed by architect Paul McClean, The One boasts 21 bedrooms and 42 bathrooms.
A look at the floating lounge situated in “The One.”

Allen J. Schaben / Los Angeles Times via Getty Images

… a private 50-seat movie theater …
Inside the bowling alley in “The One.”

Allen J. Schaben / Los Angeles Times via Getty Images

Source: Insider

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.
One of Saghian’s other properties was the site of a robbery gone wrong; Saghian was not injured.

GRANDADAM/Gamma-Rapho via Getty Images

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.

Saghian has also purchased a $40 million beach home on Malibu’s exclusive “Billionaire’s Beach.”
Saghian also owns property on “Billionaire’s Beach” in Malibu and most recently spent $118 million on new office space for Fashion Nova.

Fashion Nova

The 6,000-square-foot home originally listed for $69 million but was marked down first to $59 million, and then again to $49 million, according to The Real Deal.

Most recently, Saghian spent $118 million on a 175,000-square-foot building to serve as the new Beverly Hills headquarters for Fashion Nova.

“I’ve always viewed real estate as a long-term generational investment, especially architecturally significant buildings in world-class locations,” Saghian told The Real Deal.

Read the original article on Business Insider

https://www.businessinsider.com/fashion-nova-richard-saghianbillionaire-biggest-modern-home-one-2022-3