Fast fashion company Fashion Nova keeps its prices affordable, but its owner shelled out a nine-figure sum to buy a 105,000-square-foot Los Angeles mansion.
Richard Sagian, who founded the company in 2006 and is its CEO, is the winning bidder for The One, a Bel-Air property that is the largest home in the City of Angels, according to The Los Angeles Times. The estate was sold well below its estimated asking price of $500 million, and its last price was $295 million when real estate brokers were quoted on the open market.
On Thursday, the 21-bedroom home sold at auction without a reserve for $126 million, or $141 million including commission. The Wall Street Journal reported at the time that the buyers were Los Angeles locals who would not be living there but were planning to use it as an investment.
The One originally planned to make $500 million from the sale. Joe Bryant
One of five pools. Mark Angeles
“One Bel-Air is a once-in-a-lifetime property and cannot be repeated,” Sagyan, 40, said in a statement to the Times. “There is nothing like it. As a lifelong angeleno and passionate real estate collector, I realized this was a rare opportunity that also allows me to own a unique piece of real estate that is destined to be part of Los Angeles history.”
A bankruptcy court judge plans to hold a hearing on the sale later this month to decide whether it should proceed. By law, Sagyan is required to close the deal by March 21.
Sagyan founded Fashion Nova in Vernon, California, a city southeast of downtown Los Angeles. Not only is he known for his budget-friendly looks, but he’s also been endorsed by celebrities like Lil Nas X and Cardi B. His annual sales are currently in excess of $1 billion, the Times notes, adding that he could potentially serve as a fashion backdrop. shoots.
Sagian was one of the few bidders. FilmMagic
Living area.Mark Angeles
Sagyan owns two more houses in Southern California. He bought one in Malibu from Netflix CEO Ted Sarandos in 2021 for $14.7 million. Another, in the Hollywood Hills, he bought for $17.5 million in 2018.
Neil Niami built the house but ended up going bankrupt under Chapter 11 after One’s owner, Crestlloyd Limited Liability Company, defaulted on over $100 million in construction loans.
Other features of the home include 360-degree views of the Pacific Ocean, the Los Angeles skyline, and the San Gabriel Mountains. There is also a 30-car garage, at least five swimming pools, and a full-service beauty salon.