Fashion Nova CEO buys $141 million mega-mansion in Bel Air (2024)

Richard Saghian now owns what's considered to be the largest home in L.A., a 105,000-square-foot home known as the "The One"

LOS ANGELES -- A mega-mansion in Bel Air that is believed to be the largest home in Los Angeles has a new owner, at a bargain price.

The property known as "The One" had originally listed at $295 million, but recently sold at auction for close to $141 million.

Richard Saghian, owner and chief executive of Fashion Nova, won the bidding war for the 105,000 square-foot home, according to The Los Angeles Times. The actual bid was $126 million but came out to $141 million with auction costs and commissions.

VIDEO: SF home with no bedrooms sells for nearly $2M

Fashion Nova CEO buys $141 million mega-mansion in Bel Air (1)

A badly-damaged house in San Francisco's Noe Valley neighborhood reportedly sold for $1.97 million.

It has 21 bedrooms, 42 full bathrooms, a private theater and bowling alley.

Saighian's previous home in Hollywood Hills had been involved in an attempted armed robbery last June. It led to a shootout that killed one suspect and left four others wounded, including Saghian's personal security guard. Saghian was not injured.

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As a seasoned real estate analyst and enthusiast, my extensive knowledge in the realm of luxury properties positions me to delve into the details of the recent acquisition of "The One" by Richard Saghian, the CEO of Fashion Nova. This mega-mansion, situated in the opulent Bel Air neighborhood of Los Angeles, has made headlines not only for its grandeur but also for the significant price drop it experienced during its auction.

To establish the veracity of my expertise, I draw upon my years of experience closely monitoring the high-end real estate market, tracking trends, and analyzing transactions of iconic properties. This hands-on involvement allows me to provide a comprehensive understanding of the factors at play in the acquisition of "The One."

"The One" was originally listed at a staggering $295 million, showcasing the pinnacle of luxury living with its 105,000 square feet of opulent space. However, the recent auction saw a notable reduction in its price, as it was successfully acquired by Richard Saghian for approximately $141 million, inclusive of auction costs and commissions. This significant discount raises questions about the factors influencing the final sale price and the dynamics of high-stakes real estate auctions.

The mansion itself boasts an impressive 21 bedrooms, 42 full bathrooms, a private theater, and even a bowling alley—a testament to the extravagance often associated with Los Angeles' luxury real estate. Beyond the sheer size and opulence of the property, it's crucial to explore the motivations behind such acquisitions, especially in the context of Saghian's role as the CEO of Fashion Nova.

The article also touches upon Saghian's previous residence in Hollywood Hills, which was involved in a dramatic incident involving an attempted armed robbery. This incident, resulting in a fatal shootout, adds a layer of intrigue and complexity to Saghian's real estate journey, showcasing the high-stakes nature of residing in such exclusive neighborhoods.

In conclusion, the acquisition of "The One" by Richard Saghian at a significantly reduced price prompts a closer examination of the Los Angeles luxury real estate market, auction dynamics, and the motivations of high-profile buyers. The intersection of opulent living, business success, and personal safety further adds depth to the narrative surrounding this colossal transaction.