Richard Saghian has turned up as the winning bidder for the Los Angeles mansion called "The One." The 21-bedroom and 49-bathroom Bel Air estate was sold to Saghian on March 3 for $441 million.
The Fashion Nova owner managed to beat four other offers for the 105,000 sq. ft. home, which is the biggest U.S. residential property for auction. Saghian also issued a statement stating:
“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.”
Real estate agent Branden Williams revealed that Richard is a fan of architect Paul McClean. Williams, along with his partner Rayni Williams and Stuart Vetterick of Hilton & Hyland introduced Saghian to the property. Branden stated,
“He really sees value for the price he got it. It’s a spectacular property.”
Even though the winning bid was more than double the previous record for U.S. home auctions, it fell short of the estate’s $295 million list price. The sale must be approved by a bankruptcy court judge with a closing scheduled by March 21.
Everything known about Richard Saghian
Born on January 31, 1982, Richard Saghian is a millionaire entrepreneur and founder of the fashion empire Fashion Nova. It has attracted various celebrity endorsements and several social media followers.
Fashion Nova was established in 2006 as a chain of stores selling low-price clubwear and apparel in Los Angeles-based malls. The e-commerce site was launched in 2013 and it became famous among people for catering to all body types and ethnicities.
Fashion Nova’s Instagram page has around 15 million followers. Almost 2,000 influencers, including the likes of Cardi B, Kylie Jenner, Khloe Kardashian, and many others, have created almost 6,000 pieces of content about the brand every month.
Facets contributing to Fashion Nova's success
The brand’s success is mostly credited to its social media marketing and it works with around 1,000 manufacturers to release over 600 to 900 styles every week. The pieces are mostly manufactured in Los Angeles and the brand also works with Chinese vendors. While speaking to Paper, Saghian said,
“All the knowledge I gained from having brick and mortar stones, I utilized for the website. Being able to listen firsthand to my customers gave me information of what women wanted, what was missing, and what was needed.”
MD Daily Record reported that Saghian’s net worth is reportedly around $50 million, and it is unknown if he is married or in a relationship.