A mansion in the Bel Air section of Los Angeles was so extravagant, so over-the-top, so ridiculously expensive that it needed its very own name – “The One.”
The problem for the builder and owner of “The One” is that “No One” wanted to pay the original asking price of $500 million. It dropped to $295 million with no takers, so it was finally sold at auction last week with a price tag of $141 million.
Ok, who’s the sucker? I mean lucky buyer of the estate with 21 bedrooms, 42 bathrooms, a sky deck, game room, bowling alley, salon, spa, nightclub, gym, putting green, and 10,000-bottle wine cellar? It’s Richard Saghian, the CEO and billionaire owner of Fashion Nova.
The One is just one sick crib in his real estate portfolio – he also owns the former Malibu beach house of Netflix CEO Ted Sarandos and the house that the late DJ Avicii called home.
Fashion Nova is a modern-day fast fashion company that hitches its wagon to social media buzz to move products. The company has found tremendous success working with influencers and celebrities, including Rihanna and Kylie Jenner. The thing they do better than almost any is delivering the latest fashion trends to pieces incredibly fast.
Saghian can afford to live large; his net worth, according to Forbes, is $1.4 billion, and he owns 100% of his company. Saghian is next level with his knowledge of the power of social media buying and has built his fortune in less than ten years since he launched his company.
You can expect to see his monstrous new house as a backdrop on future fashion photo shoots no doubt.