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Áine Cain and Sarah Jackson
Updated
2023-04-28T17:43:11Z
- 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.
Advertisem*nt "'The One' Bel-Air is a once in a lifetime property that can never be duplicated," Saghian said in a statement sent to 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." Advertisem*nt Here's a look at Saghian's life and career:
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According to Paper Magazine, Saghian was born in California to an Iranian-American family that operated a retail business.
Source: Paper Magazine
According to Saghian's LinkedIn, he founded Fashion Nova in 2006 and has served as the company's CEO since then. The first store opened in California's Panorama Mall.
Source: LinkedIn
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Fashion Nova is a fast-fashion brand based in Los Angeles. While the company manages a handful of brick-and-mortar stores, the business is largely based on social media-bolstered e-commerce sales.
Source: Paper Magazine
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Saghian told Paper that the business has been fueled by social media engagement with influencers, models, and other "Nova Babes," especially on Instagram.
Source: Paper Magazine
"I realized early on, getting into the minds of my customers is what helped me grow," Saghian told Paper Magazine. "I don't think I would've been able to do it without all my retail experience from the brick and mortar days to the e-comm days."
Source: Paper Magazine
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The brand has also engaged in notable celebrity partnerships with rappers Cardi B and Megan Thee Stallion.
Source: Paper Magazine
According to the Los Angeles Times, Fashion Nova enjoys annual sales of over $1 billion.
Source: The Los Angeles Times
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Saghian has spent some of his Fashion Nova fortune on eye-catching real estate. Last year, 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.
Source: Insider
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."
Source: The Los Angeles Times
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Designed by architect Paul McClean, The One boasts 21 bedrooms and 42 bathrooms.
Source: Insider
The home boasts features like a floating lounge ...
Source: Insider
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... a private 50-seat movie theater ...
Source: Insider
... and a bowling alley.
Source: Insider
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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 also owns a Hollywood Hills residence on Blue Jay Way that McClean also designed.
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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.
Source: ABC7
Saghian's latest addition to his real estate portfolio is a $40 million beach home on Malibu's exclusive "Billionaire's Beach." The 6,000-square-foot home originally listed for $69 million in June but was marked down first to $59 million in September, and then again to $49 million in December.
Source: The Real Deal
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Sure, let's break this down step by step:
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Richard Saghian: He's the founder and CEO of Fashion Nova, a fast-fashion brand headquartered in Los Angeles. Saghian's biography reveals that he was born in California to an Iranian-American family with a background in retail.
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Fashion Nova: This company, established in 2006, is predominantly an e-commerce business with a significant presence on social media platforms like Instagram. It began with a store in Panorama Mall, California, but its success skyrocketed through social media marketing and influencer engagement.
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Financial Status: Forbes estimates Richard Saghian's net worth at $2.1 billion, a testament to the success and profitability of Fashion Nova. The brand reportedly generates annual sales exceeding $1 billion.
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Real Estate Investments: Saghian has made notable splurges on extravagant real estate. One of his acquisitions is "The One," a Los Angeles megamansion. This property, purchased for $126 million at an auction, boasts 105,000 square feet, making it the largest modern home in the US. Factoring in additional costs, the total purchase price was around $141 million.
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Property Details: Designed by architect Paul McClean, "The One" has 21 bedrooms, 42 bathrooms, luxurious amenities such as a floating lounge, a 50-seat movie theater, a bowling alley, a 10,000-bottle wine cellar, a 30-car garage, multiple swimming pools, a putting green, and even a private nightclub.
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Other Real Estate Holdings: Besides "The One," Saghian owns a Hollywood Hills residence on Blue Jay Way, also designed by McClean. Unfortunately, this property was the scene of a violent incident involving a deadly shooting during an attempted armed robbery.
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Recent Purchase: Adding to his property portfolio, Saghian acquired a $40 million beachfront home on Malibu's exclusive "Billionaire's Beach." Originally listed at $69 million, the price dropped to $49 million after initial listings.
Saghian's knack for business expansion through social media marketing and his extravagant real estate acquisitions have solidified his reputation as a savvy entrepreneur with a keen eye for investment opportunities. His success in the fast-fashion industry and substantial wealth allow him to make such high-profile purchases, positioning him as a notable figure both in fashion and real estate circles.