Meet Fashion Nova’s Billionaire Owner Richard Saghian

• Richard Saghian is the fashion mogul behind fast fashion brand Fashion Nova.
• Saghian just bought “The One,” a massive mansion in Bel Air, for $126 million.
• “The One” isn’t Saghian’s first major real estate purchase in Los Angeles. 

Fashion Nova founder and CEO Richard Saghian has purchased a famous Los Angeles mega-mansion for $126 million.

“The One,” a sprawling house in Bel Air, had been listed at $295 million. Clocking in at 105,000 square feet, the house is “the largest modern home in the United States,” according to USA Today. Saghian will end up paying closer to $141 million due to a 12% auction fee, according to The Los Angeles Times. 

“‘The One’ Bel-Air is a once in a lifetime property that can never be duplicated,” Saghian said in a statement sent to Insider. “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: