Meet Fashion Nova's billionaire owner, who just bought the biggest modern home in the US for $126 million

Áine CainMar 8, 2022, 19:08 IST

Richard Saghian is the founder and CEO of Fashion Nova.Steve Granitz/WireImage/Getty Images

Richard Saghian is the fashion mogul behind fast fashion brand Fashion Nova.
Saghian just bought "The One," a massive mansion in Bel Air, for $126 million.

Fashion Nova founder and CEO Richard Saghian has purchased a famous Los Angeles mega-mansion for $126 million.

"The One," a sprawling house in Bel Air, had been listed at $295 million. Clocking in at 105,000 square feet, the house is "the largest modern home in the United States," according to USA Today. Saghian will end up paying closer to $141 million due to a 12% auction fee, according to The Los Angeles Times.

"'The One' Bel-Air is a once in a lifetime property that can never be duplicated," Saghian said in a statement sent to Insider. "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."

Here's a look at Saghian's life and career:

According to Paper Magazine, Saghian was born in California to an Iranian-American family that operated a retail business.

Richard Saghian and Meek Mill attend a Super Bowl party in 2022.Shareif Ziyadat/FilmMagic/Getty Images

According to Saghian's LinkedIn, he founded Fashion Nova in 2006 and has served as the company's CEO since then. The first store opened up in California's Panorama Mall.

Lil Nas X performs at a Fashion Nova event in 2019.Jerritt Clark/Getty Images for Fashion Nova/Getty Images

According to Saghian's LinkedIn, he founded Fashion Nova in 2006 and has served as the company's CEO since then. The first store opened up in California's Panorama Mall.

Fashion Nova is a fast-fashion brand based in Los Angeles. While the company manages five brick-and-mortar stores, the business is largely based on social media-bolstered e-commerce sales.

A model represents Fashion Nova at a show in Fredericksburg, Virginia.Noam Galai/Getty Images for FTM Fashion Week

Fashion Nova is a fast-fashion brand based in Los Angeles. While the company manages five brick-and-mortar stores, the business is largely based on social media-bolstered e-commerce sales.

Saghian told Paper that the business has been fueled by social media engagement with influencers, models, and other "Nova Babes," especially on Instagram.

A model represents Fashion Nova at a show in Fredericksburg, Virginia.Noam Galai/Getty Images for FTM Fashion Week

"I realized early on, getting into the minds of my customers is what helped me grow," Saghian told Paper Magazine. "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."

A model represents Fashion Nova at a show in Fredericksburg, Virginia.Noam Galai/Getty Images for FTM Fashion Week

"I realized early on, getting into the minds of my customers is what helped me grow," Saghian told Paper Magazine. "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 rappers Cardi B and Megan Thee Stallion.

Cardi B strikes a pose at a Fashion Nova event.Tommaso Boddi/Getty Images for Fashion Nova/Getty Images

According to the Los Angeles Times, Fashion Nova enjoys annual sales of over $1 billion.

A model represents Fashion Nova at a show in Fredericksburg, Virginia.Noam Galai/Getty Images for FTM Fashion Week

The Los Angeles Times has reported that obtaining "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."

Inside "The One," a Los Angeles mega-mansion.Allen J. Schaben / Los Angeles Times via Getty Images

The Los Angeles Times has reported that obtaining "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."

Saghian told The Los Angeles Times that he paid $141 million for "The One" altogether.

A pool deck above the private nightclub located within "The One."Allen J. Schaben / Los Angeles Times via Getty Images

According to the Los Angeles Times, the Paul McClean-designed "The One" boasts 21 bedrooms and 42 bathrooms.

An aerial view of "The One," a Bel Air mega-mansion.Allen J. Schaben / Los Angeles Times via Getty Images

The newspaper reported that the house came with amenities like a floating lounge ...

A look at the floating lounge situated in "The One."Allen J. Schaben / Los Angeles Times via Getty Images

... a private 50-seat movie theater ...

Inside the movie theater. in"The One."Allen J. Schaben / Los Angeles Times via Getty Images

... and a bowling alley.

Inside the bowling alley in "The One."Allen J. Schaben / Los Angeles Times via Getty Images

Saghian currently owns a Hollywood Hills residence on Blue Jay Way that McClean also designed.

An aerial view of the Hollywood Hills.GRANDADAM/Gamma-Rapho via Getty Images

The Blue Jay Way home became the sight 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.

A view from the Hollywood Hills.Getty Images

The Blue Jay Way home became the sight 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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Meet Fashion Nova's billionaire owner, who just bought the biggest modern home in the US for $126 million

According to Paper Magazine, Saghian was born in California to an Iranian-American family that operated a retail business.

According to Saghian's LinkedIn, he founded Fashion Nova in 2006 and has served as the company's CEO since then. The first store opened up in California's Panorama Mall.

Fashion Nova is a fast-fashion brand based in Los Angeles. While the company manages five brick-and-mortar stores, the business is largely based on social media-bolstered e-commerce sales.

Saghian told Paper 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 told Paper Magazine. "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 rappers Cardi B and Megan Thee Stallion.

According to the Los Angeles Times, Fashion Nova enjoys annual sales of over $1 billion.

The Los Angeles Times has reported that obtaining "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."

Saghian told The Los Angeles Times that he paid $141 million for "The One" altogether.

According to the Los Angeles Times, the Paul McClean-designed "The One" boasts 21 bedrooms and 42 bathrooms.

The newspaper reported that the house came with amenities like a floating lounge ...

... a private 50-seat movie theater ...

... and a bowling alley.

Saghian currently owns a Hollywood Hills residence on Blue Jay Way that McClean also designed.