Updated
- Richard Saghian is best known as the fashion mogul behind Fashion Nova, but he’s also snapped up pricey real estate.
- Within a year, he bought a $40 million home on Malibu’s “Billionaire’s Beach” and shelled out $126 million for the biggest modern home in the US.
- Here’s a look at his life and career.
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Richard Saghian is best known as the founder and CEO of fast-fashion company Fashion Nova, but he’s also racked up some record-breaking real estate.
The billionaire exec has shelled out $40 million for a 6,000-square-foot home on Malibu’s exclusive “Billionaire’s Beach,” The Real Deal reported.
Less than a year prior, Saghian bid $126 million at auction for a Los Angeles megamansion. Nicknamed “The One,” the 105,000-square-foot property is considered the biggest modern home in the US. Taking into account the auction premium and commission fees, he ended up paying closer to $141 million for the home.
“‘The One’ Bel-Air is a once in a lifetime property that can never be duplicated,” Saghian said in a statement sent to Business Insider at the time. “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:
Saghian was born in California to an Iranian-American family that operated a retail business.
He founded Fashion Nova in 2006 and has served as the company’s CEO ever since. The first store opened in California’s Panorama Mall.
Source: LinkedIn
Saghian has a net worth of $1.3 billion, according to Forbes estimates.
The brand has also engaged in notable celebrity partnerships with figures like rappers Cardi B and Megan Thee Stallion.
According to the Los Angeles Times, Fashion Nova enjoys annual sales of over $1 billion.
Source: The Los Angeles Times
Saghian has spent some of his Fashion Nova fortune on eye-catching real estate.
In 2022, he bought a Los Angeles megamansion called The One for $126 million at auction. After the auction premium and commission fees, his total came out closer to $141 million.
The Los Angeles Times reported that buying The One could “make sense as a marketing tool for Fashion Nova, serving as a backdrop where its influencers could show off the company’s affordable, of-the-moment designs.”
Designed by architect Paul McClean, The One boasts 21 bedrooms and 42 bathrooms.
The home boasts features like a floating lounge …
Other amenities at the home include a 10,000-bottle wine cellar, a 30-car garage, five swimming pools, a putting green, and a private night club.
Saghian has also bought a Hollywood Hills residence on Blue Jay Way in Los Angeles that McClean also designed.
In 2021, the Blue Jay Way home was the site of a deadly shooting during an early morning armed robbery gone wrong, according to local news channel ABC7. Several people were injured and one suspect was killed after a shootout with Saghian’s private security employees. Saghian was not at the scene at the time of the incident.
Saghian has also purchased a $40 million beach home on Malibu’s exclusive “Billionaire’s Beach.”
The 6,000-square-foot home originally listed for $69 million but was marked down first to $59 million, and then again to $49 million, according to The Real Deal.
Most recently, Saghian spent $118 million on a 175,000-square-foot building to serve as the new Beverly Hills headquarters for Fashion Nova.
“I’ve always viewed real estate as a long-term generational investment, especially architecturally significant buildings in world-class locations,” Saghian told The Real Deal.
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