As we reported last week, the notorious Bel Air property known as “The One” has finally found a buyer. And now we know who submitted that winning $126 million bid!
According to the L.A. Times, Richard Saghian, owner of Fashion Nova, was the winning bidder. Once the auction premium and associated fees are factored in, Saghian will have reportedly spent $141 million on the sale.
Anyone with an Instagram account has surely seen Fashion Nova ads over the past few years, with. the inexpensive brand gaining serious street cred thanks to celebrity endorsements. According to the L.A. Times, Saghian owns the company outright and its annual sales now top $1 billion.
Saghian’s new home—the largest in Los Angeles—spans some 105,000 square feet, boasting 20 bedrooms, seven pools, a 50-car garage and six elevators. Additional amenities reportedly include a large library, cigar room, candy room, a 10,000-bottle wine cellar, nightclub, a four-lane bowling alley, 50-seat movie theater, a putting green, gym, salon, juice bar and tennis court.
It’s been a long road for “The One,” which, at one point, garnered international headlines with an anticipated listing price of $500 million. However, following the news that its owner, developer Nile Niami, defaulted on more than $100 million in loans and debt, word came that Niami filed for bankruptcy in October and that the home was headed for auction.
Since then, inspections have uncovered a number of issues, including water issues, thanks in part to a large number of pools; bio-organic growth; and significant cracks in the 30,000 square feet of white marble flooring. Also, per the Wall Street Journal, “The One” doesn’t have a certificate of occupancy from the city, meaning it is illegal to live there at this point.
Aaron Kirman of Compass and the Williams & Williams Estates Group held the listing in conjunction with Concierge Auctions.