Fast-fashion CEO, 40, revealed as winning bidder of $141 million Bel Air mega-mansion ‘The One’

March 7, 2022, 10:35 AM UTC

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.” 

The 21-bedroom, 49-bath Bel Air estate sold Thursday for $141 million to an undisclosed bidder, whose identity was confirmed to be Saghian Sunday.

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.

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