September 24, 2023


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Fashion Nova owner Richard Saghian wins bid for $141 million mega-mansion in Bel Air


BEL-AIR, LOS ANGELES (KABC) — A mega-mansion in Bel Air that is believed to be the largest home in Los Angeles has a new owner, at a bargain price.

The property known as “The One” had originally listed at $295 million, but recently sold at auction for close to $141 million.

Richard Saghian, owner and chief executive of Fashion Nova, won the bidding war for the 105,000 square-foot home, according to The Los Angeles Times. The actual bid was $126 million but came out to $141 million with auction costs and commissions.

READ MORE: ‘The One’ mansion in Bel Air sets auction record

It has 21 bedrooms, 42 full bathrooms, a private theater and bowling alley.

Saghian, the 40-year-old owner of the fashion brand, has prospered from associations with stars such as Kylie Jenner, Lil Nas X and Cardi B and the company now exceeds more than $1 billion in annual sales, the Times reported.

According to the report, Saghian owns two other homes in Southern California that he purchased. for nearly $15 million and $17.5 million. The former is on a Malibu beach, the latter in the so-called Bird streets of the Hollywood Hills.

Saighian’s previous home in Hollywood Hills had been involved in an attempted armed robbery last June. It led to a shootout that killed one suspect and left four others wounded, including Saghian’s personal security guard. Saghian was not injured.

READ MORE: Botched robbery near Hollywood Hills home of Fashion Nova CEO leaves 1 dead, 4 injured

City News Service contributed to this report

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