A Los Angeles mega-mansion that was the biggest U.S. home to ever go up for auction sold for $141 million, including commissions, when bidding closed Thursday.
Beverly Hills mansion The One—which refers to the one percent that can afford to occupy it—was sold at a bankruptcy auction for $126 million to an anonymous buyer. The One, which boasts 21 bedrooms, 42 bathrooms was originally listed for $295 million. But according to the L.A. Times the new owner of the 100,000 square foot marble-and-glass property (that still lacks an occupancy certificate) is Richard Saghian, owner and CEO of major fast-fashion online women’s store Fashion Nova.
So where did 40-year-old Saghian get the scratch to add the biggest house in Los Angeles to the two other homes he already owns? Well, that’s easy its because of Fashion Nova. The brand he founded is exceedingly popular amongst young women. Its recipe for success: Using celebrities and Insta-Influencers to promote its cheaply priced, on-trend clothes. Past names include rapper Cardi B, Lil Nas X, and model Kylie Jenner. The company is privately held and owned by Saghian, who he is also the CEO, and its annual sales exceed a reported $1 billion.
But more money can equal more problems, at least that’s the case with Saghian’s $17.5 Hollywood Hills house. In 2018, it was invaded by armed robbers, but all suspects were caught and one killed by an armed guard. More issues: prior to The One’s listing there was also a lack of an occupancy permit, rumors of construction flaws, and ongoing code violations, according to the Times. Many creditors with money in The One will take a loss, as the debt attached to the property has grown to $256 million.
It has been speculated that The One is more of a property full of multimedia possibilities and less a home. In this case, the mansion could be used as a backdrop for Fashion Nova shoots and related promotional activities. There is much to choose from, with amenities ranging from a 4,000 foot guesthouse, a sky deck complete with cabanas, a theater, a full-service spa, an actual nightclub, a four-lane bowling alley, multiple swimming pools, and a moat.
In a case of synergy, The One was designed by architect Paul McLean, who also designed Saghian’s Hollywood Hills home.