Fashion Nova CEO Richard Saghian currently owns the mansion widely known as "The One," which was once listed for $295 million. Although the property had an initial asking price of $500 million, and later $295 million, Saghian ultimately acquired it for $141 million at an auction.
The One: A Bel Air Mega-Mansion
"The One" is a colossal residential property located in the exclusive Bel Air neighborhood of Los Angeles. It gained significant attention for its immense size and ambitious development, becoming a prominent fixture in luxury real estate discussions.
Key Features of the Property
- Size: The sprawling estate spans approximately 105,000 square feet, making it one of the largest private residences in the United States.
- Location: Situated in Bel Air, the mansion offers panoramic views of the Pacific Ocean, downtown Los Angeles, and the San Gabriel Mountains.
- Unique Distinction: This property holds the notable distinction of being the biggest U.S. home ever to go up for auction.
Richard Saghian's Acquisition
Richard Saghian, the founder and CEO of the fast-fashion brand Fashion Nova, emerged as the winning bidder for this record-breaking property. He outbid four other offers during the auction process.
The sale price of $141 million, while significantly lower than its initial asking prices, still marked one of the most expensive residential real estate transactions in U.S. history at the time of its sale. Saghian's purchase underscores his prominent position in the e-commerce and fashion industries.
