A mansion in Bel Air known simply as “The One” has sold for more than $140 million to the 40-year-old owner of a local fast fashion brand, according to a report Sunday.
Richard Saghian, owner and chief executive of Fashion Nova, won a bidding war on the 105,000-square-foot hilltop home, considered the largest residence in Los Angeles, according to the Los Angeles Times.
Saghian’s company, which he founded in 2006, has prospered from associations with stars such as Kyle Jenner, Lil Nas X and Cardi B and exceeds more than $1 billion in annual sales, the Times reported.
According to the report, Saghian owns two other homes in Southern California that he purchased. for nearly $15 million and $17.5 million. The former is on a Malibu beach, the latter in the so-called Bird streets of the Hollywood Hills.
His latest real estate acquisition was listed at $295 million before being auctioned off to Saghian for less than half the price.