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Fashion Nova CEO Richard Saghian Buys ‘The One’ Megamansion For $141 Million

The One sold for $141 million at auction. MARC ANGELES
It was recently revealed the buyer is fast fashion brand Fashion Nova CEO Richard Saghian, who paid $126 million for the property plus an auction premium of $15 million. As the highest bidder, he got quite the deal, considering the home was listed at auction for $295 million, though without reserve.

Most wealthy people at this level, all they want to bring is their toothbrush. Usually they even buy these homes with art, furniture and cars. Everyone loved the idea and opportunity of the house, but I think the majority of people didn’t want to go through the process of getting the certificate of occupancy.”

It’s the largest home in Los Angeles at 105,000 square feet. MARC ANGELES
Developed by Nile Niami, the massive residence was once valued at $500 million. The estate took more than 10 years to build and created massive debt for Niami, who experienced cost overruns and many delays. His development company, Crestlloyd, which owns the property, put the property into bankruptcy last year. Delays, foreclosure proceedings and the lack of certificate of occupancy made it increasingly difficult to find a buyer. Even today, the home has nearly a year’s worth of work, or more, before it’s officially completed.

If it did sell for auction at the price of $295 million, it would have been the most expensive home to have ever sold in the U.S. Still, billionaire and hedge fund tycoon Ken Griffin’s $238 million New York penthouse still holds the record. However, at 105,000 square feet, the home is the largest in Los Angeles, and the fourth largest sale in California’s history.

The hilltop estate has 21 bedrooms and 42 bathrooms, plus an exhaustive list of ostentatious amenities, like a putting green; 10,000-bottle wine cellar; multiple pools; a candy room; hair salon; spa; bowling alley; casino; and more. The home hasn’t come without scrutiny for its garish nature. According to WSJ, the nightclub was transformed into a philanthropy wing after pushback from the local community. The home was built by architect Paul McClean, who coincidentally developed Saghian’s Hollywood Hills home and perhaps one of the draws for the fast fashion CEO to purchase the home. The beautiful setting also has potential for photoshoots and filming purposes for his fashion company.

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