Saghian beat out four other offers for the 105,000-square-foot home, the biggest U.S. home ever to go up for auction, according to the LA Times, which was first to report the top bidder’s name. He owns two other homes in Southern California, including a $14.7 million Malibu beach house purchased from Netflix Inc. Chief Executive Officer Ted Sarandos, and a $17.5 million home in the Hollywood Hills, the newspaper said.
“There is nothing else like it,” Saghian, 40, said in a statement. “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.”
Saghian is a fan of the architect Paul McClean, according to Branden Williams, the real estate agent who with his partner Rayni Williams and Stuart Vetterick of Hilton & Hyland, introduced Saghian to the Bel Air property.
“He really sees value for the price he got it,” Branden Williams said. “It’s a spectacular property.”
Saghian’s company, known for its ties to celebrities like Cardi B and Lil Nas X, has annual sales that exceed $1 billion, the LA Times said, citing a person close to Fashion Nova. The property could be used as a marketing tool for the company, serving as a backdrop for influencers showing off its designs, according to the newspaper.
While the winning bid was more than double the previous record for a U.S. home auction, it fell short of the estate’s $295 million list price. The sale requires approval by a bankruptcy court judge, with a closing scheduled by March 21.
As a real estate expert with a specialization in luxury properties and a keen interest in the dynamics of high-profile acquisitions, I can confidently provide insights into the various concepts interwoven in the article about Richard Saghian, the owner of Fashion Nova, acquiring the grand Bel Air estate known as "The One."
Richard Saghian and Fashion Nova: Fashion Nova is a rapidly expanding fast-fashion retailer known for its ties with celebrities like Cardi B and Lil Nas X. With an annual revenue exceeding $1 billion, Fashion Nova has carved a niche in the industry by swiftly responding to fashion trends and leveraging social media influencers for brand promotion.
Acquisition of "The One" Mansion: The article discusses Saghian's purchase of "The One," an opulent estate in Bel Air, Los Angeles. It's a 21-bedroom, 49-bathroom property spanning an impressive 105,000 square feet. The mansion was sold for $141 million to Saghian, marking a significant real estate acquisition. Despite being sold for less than its initial listing price of $295 million, it's a historic purchase for Saghian and the real estate market.
Real Estate Portfolio of Richard Saghian: Saghian's interest in real estate is highlighted through his existing property holdings. Apart from "The One" mansion, he also owns a $14.7 million beach house in Malibu, purchased from Netflix's CEO, Ted Sarandos, and a $17.5 million property in the Hollywood Hills. This demonstrates his affinity for luxury properties in Southern California.
Architectural Preference: Saghian is noted to be a fan of architect Paul McClean, whose designs are reflected in "The One" mansion. The real estate agent facilitating Saghian's acquisition emphasized his appreciation for the property's value and its architectural magnificence.
Business Strategy and Marketing: The article speculates on the potential strategic use of the mansion as a marketing tool for Fashion Nova. It could serve as a backdrop for influencers to showcase the brand's designs, aligning with the company's marketing strategies to leverage exclusive and luxurious settings for promotional purposes.
Bankruptcy Court Approval: The sale of the estate requires approval from a bankruptcy court judge, indicating a legal aspect that needs to be addressed before the deal is finalized. A closing date for the sale has been scheduled by March 21, subject to this approval.
This acquisition not only reflects Saghian's personal passion for real estate but also potentially represents a shrewd business move to integrate his personal interests with his company's marketing strategies, leveraging the grandeur of "The One" mansion for Fashion Nova's brand promotion.
The One sold for $141 million at auction. It was recently revealed the buyer is fast fashion brand Fashion Nova
Fashion Nova
Fashion Nova is an American fast fashion retail company. The company primarily operates online, but it also has five brick-and-mortar locations. Fashion Nova is known to use affiliate marketing, particularly on Instagram.
The buyer for the property is Rich Saghian, the founder of Fashion Nova. Saghian expressed his excitement about the unique nature of the property, stating that it is a once-in-a-lifetime opportunity and a part of Los Angeles history. The transaction was reported by the Los Angeles Times.
Fast-fashion CEO, 40, revealed as winning bidder of $141 million Bel Air mega-mansion 'The One' Richard Saghian, owner of the fast-fashion business Fashion Nova, has emerged as the winning bidder of the Los Angeles mansion known as “The One.”
It costs around $50,000 a month to keep Bel Air megamansion 'The One' cool in the summer. Keeping “The One” cool is an even more expensive endeavor than you'd expect. Earlier this year, Richard Saghian, owner of the fast-fashion business Fashion Nova, bought the Los Angeles mansion known as “The One” for $141 million.
Experience America's Largest Home®, as magnificent today as it was more than a century ago. Your self-guided house visit spans three floors and the basem*nt of the luxurious family home of George and Edith Vanderbilt.
The exterior of the home. Beyoncé Knowles and Jay-Z are known for breaking records, and now, they've broken the record for purchasing the most expensive home in California's history. Knowles and Jay-Z, who's real name is Shawn Carter, purchased a sprawling $200 million Malibu, California estate.
Jay-Z and Beyoncé are world-renowned musical legends with talent and fortune in equal measures. The couple enjoys a combined net worth of US$1.9 billion, per Cosmopolitan, and lives the dream life.
Who owns the most expensive house in the US? The residential complex belongs to the heirs of an American financial investor named John Donahue, who bought the land for only one million dollars in 1985. He is the founder of the investment banking company now known as Federated Hermes.
Beyoncé and husband Jay-Z paid a whopping $US200 million ($300 million) for their new home in California, making it the most expensive house ever sold in that state, according to TMZ.
Financier Ken Griffin's purchase of $240 million penthouse on Billionaire's Row in Manhattan currently holds the title. The Donahue home is one of a handful of nine-figure listing that have hit the market over the past few years, each positioned to surpass Griffin's record.
The Malibu mansion is far from Beyoncé and Jay-Z's first foray into pricey home buying, however. The power couple purchased a Bel-Air mansion for $88 million back in 2017. After adding to the home and performing some renovations, the home is now priced at more than $100 million.
After growing up in a 3,000-square-foot home, she and her husband Jay-Z broke a record last year after acquiring a 30,000-square-foot compound in California that's perfect for hosting family functions.
Beyoncé moved out of Jay-Z's house with their three. kids back to her mother's place for this reason. ( See Details below ) Full video here: https://showbiz.
Casa Encantada's current owners, financier Gary Winnick and his wife, children's author and artist Karen Winnick, purchased the abode for $94 million in 2000.
Meet Fashion Nova's billionaire CEO who owns the biggest modern home in the US —a $126 million LA megamansion. Richard Saghian is best known as the fashion mogul behind Fashion Nova, but he's also snapped up pricey real estate.
Fashion Nova founder and CEO Richard Saghian bought The One Bel Air, a 105,000-square-foot megamansion in Los Angeles, in 2022 for $126 million. With fees and commission, his total price came out to about $141 million.
Introduction: My name is Domingo Moore, I am a attractive, gorgeous, funny, jolly, spotless, nice, fantastic person who loves writing and wants to share my knowledge and understanding with you.
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