Fashion Nova's Billionaire CEO Richard Saghian Buys Bel-Air Mega Mansion For $141 Million | Forbes

Usually preferring to stay out of the spotlight, Fashion Nova’s founder and CEO Richard Saghian made an unusually splashy purchase this week, paying $141 million for a mega-mansion in Bel Air.

The Los Angeles home called ‘the one’, which the developer had hoped to sell for a reported $500 million is being sold to fashion nova’s owner for less than half that lofty amount. The house is being sold during a bankruptcy auction through concierge auctions this week. It was originally listed at $295 million dollars.

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[LevyLandTV]

What a deal!!!! from $500 mil to $141 mil that's an insanely good buy. Props to Richard!

[edirinotuburun]

The maintenance and operations of the property, debt, taxes and inflation which made the developer bankrupt will make any buyer bankrupt shortly after it's bought

[randomguy-hcpv]

I don’t usually brag about going to expensive places, but I just left the gas station

[mosimojones]

Hopefully he put it under his business name. Great home for entertainment and business clients.

[charlescouncil]

Smart investment! Never pay sticker price 👍🏾

[John-]

*I was thinking about buying it but the house seemed way too small smh. My summer house has a private ski slope as well as a wine vineyard in the back yard ⛷⛷🍷*

[MEOWMIX]

You can literally take a dump in a different bathroom everyday of the month...

[Da-Sheek]

42 bathrooms. Thats like half the property use. The builder must of have digestive issues.

[Beltfedshooters]

The new buyer I'm sure will have plenty of fashion shows at it. Will make a nice write-off.

[orlandorobinson]

$141 million dollars. That is more like a Luxury Resort or Hotel.

[johnlaw]

This is how he affords it - "In December 2019, the United States Department of Labor launched an investigation and found that some Fashion Nova suppliers or subcontractors hired workers who were paid as little as $2.77 an hour and that the suppliers owed $3.8 million in back wages to hundreds of workers"

[Cowboys]

Scott Edward YouTube covers this very well on his site

[Matt-fqly]

The only way someone could use this house to the full potential is if they turn it into a new Playboy mansion type thing and have 50
hot chicks living there. Would make a great reality show too.

[elliot]

it is so tacky and ugly... what a waste of resources. there used to be a beautiful, architecturally significant, normal sized house on this land before this white and gray shopping mall monstrosity was built.

[marctemura]

All that money was stolen from people that only these jokers can afford such homes.

[feitw]

For that price, the house better hold the secret to controlling time and space.

[richardjakuba]

That house is a masterpiece!! I want to party there😃 at least one in THE ONE!

[paolalopez]

Compro esa casa asi de cara, porque a los trabajadores de su bodega les paga el mínimo (15 dolares por hora) desde que empezo en vernon hasta el dia hoy que la bodega esta mas grande y ya cuenta con mas de 1000 empleados

[robenilsonferreira]

melhores roupas do mundo, confortáveis e lindas, de alta qualidade❤, gostaria de me hospedar de vez em quando nesse palacio dos sonhos😊

[David_]

Sold for 126 million. Rest of money went to auction house