June 16, 2024

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Fashion Nova Founder Richard Saghian Gets The One for $141M

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Richard Saghian and The One at 944 Airole Way in Bel-Air (Getty, Concierge Auctions)
Richard Saghian and The One at 944 Airole Way in Bel-Air (Getty, Concierge Auctions)

Richard Saghian, owner of fast-fashion company Fashion Nova, has been revealed as the bidder who beat out four rivals to buy the Bel-Air megamansion known as “The One” for $141 million.

His winning bid for the 21-bedroom, 49-bath mansion estate at 944 Airole Way fell short of its $295 million list price but nevertheless marks the most expensive property ever sold at a U.S. home auction, the Los Angeles Times reported.

944 Airole Way in Bel-Air (Concierge Auctions)

The 105,000 square-foot home, the largest in Los Angeles, was also the biggest to have ever sold at auction. The sale requires approval by a bankruptcy court judge, with a closing scheduled by March 21.

“The One Bel-Air is a once-in-a-lifetime property that can never be duplicated. There is nothing else like it,” Saghian said in an emailed statement to the newspaper, which was the first to reveal the identity of the buyer.

“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, he said.”

944 Airole Way in Bel-Air (Concierge Auctions)

If the sale is approved, the 40-year-old founder and CEO of the Vernon-based apparel company could add The One to his collection of Los Angeles-area mansions. Last year, he bought a Malibu beach house for $14.7 million from Netflix CEO Ted Sarandos. In 2018, he paid $17.5 million for a 7,000 square-foot home in the Bird Streets area in the Hollywood Hills designed by Irish architect Paul McClean, who also drew up The One.

His privately owned Fashion Nova, founded in 2006, sells inexpensive trendy duds publicized by celebrities such as Cardi B and Lil Nas X, plus an army of Instagram influencers. Its annual sales top $1 billion, according to the L.A. Times.

His new marble-and-glass trophy home on 3.8 acres could be used as a marketing tool for the company, serving as a backdrop for influencers showing off its designs.

Its party features include a sky deck with cabanas, multiple pools, a private theater, a bowling alley, a billiard room, a candy room, salon and spa and a nightclub wrapped by a rotating display for designer cars.

“It’s an incredible deal,” said Branden Williams, who listed the home with his partner, Rayni Williams, and Aaron Kirman of Compass. “No one understands until they get up there. A house like this will never be built again. Whenever it sells again, it will be for even more.”

The Williamses, along with Stuart Vetterick of Hilton & Hyland, represented Saghian in the deal.

The One was developed by Nile Niami, who first marketed the home for $500 million was forced to send it into bankruptcy after Crestlloyd, the home’s limited liability company, defaulted on $106 million in construction loans to L.A. billionaire Don Hankey.

Its debt has risen to $256 million, as more creditors have filed claims, according to a March 2 court filing. Niami himself says he is owed $44.4 million.

The home’s $141 million sale on Thursday includes the winning bid of $126 million, plus a 12 percent commission to Concierge Auctions.

The sale is the second-highest price racked up in L.A.’s red-hot luxury in recent months. The top spot goes to venture capitalist Marc Andreessen, who spent $177 million in October for a beachside estate in Malibu.

The Andreesen deal also had a tie to the garment trade in Los Angeles, with fashion executives Florence and Serge Azria–brother of the late BCBG founder Max Azria–the sellers.

[Los Angeles Times] – Dana Bartholomew

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