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Real Estate
Áine Cain and Sarah Jackson
Updated
- 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 millionfor 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.
"'The One' Bel-Air is a once in a lifetime property that can never be duplicated," Saghian said in a statement sent to Business 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."
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Here's a look at Saghian's life and career:
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Saghian was born in California to an Iranian-American family that operated a retail business.
He founded Fashion Nova in 2006 and has served as the company's CEO ever since. The first store opened in California's Panorama Mall.
Source: LinkedIn
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Saghian has a net worth of $1.3 billion, according to Forbes estimates.
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.
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Saghian told Paper Magazine in 2018 that the business has been fueled by social media engagement with influencers, models, and other "Nova Babes," especially on Instagram.
"I realized early on, getting into the minds of my customers is what helped me grow," Saghian said. "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."
The brand has also engaged in notable celebrity partnerships with figures like rappers Cardi B and Megan Thee Stallion.
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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.
In 2022, 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.
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."
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Designed by architect Paul McClean, The One boasts 21 bedrooms and 42 bathrooms.
The home boasts features like a floating lounge ...
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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 has also bought a Hollywood Hills residence on Blue Jay Way in Los Angeles that McClean also designed.
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.
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Saghian has also purchased a $40 million beach home on Malibu's exclusive "Billionaire's Beach."
The 6,000-square-foot home originally listed for $69 million but was marked down first to $59 million, and then again to $49 million, according to The Real Deal.
Most recently, Saghian spent $118 million on a 175,000-square-foot building to serve as the new Beverly Hills headquarters for Fashion Nova.
"I've always viewed real estate as a long-term generational investment, especially architecturally significant buildings in world-class locations," Saghian told The Real Deal.
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