Richard Saghian, Fashion Nova CEO, Confirms Purchase Of Bel Air Mega-Mansion, 'The One'
BEL AIR (CBSLA) — A Bel Air mega-mansion marketed as the most expensive home in America was sold at auction Thursday, for less than half the asking price, and less than a quarter of the intended value.
The property, dubbed "The One" by its developer Niales Niami, sold for a record-setting price of $126 million - the highest amount ever spent at a home auction. According to Forbes, upon closure it will be the second-highest total spent on a home, after the $238 million spent on a New York City penthouse by Ken Griffin in 2019.
Once auction costs and commissions have been added, the purchase will approximately hit $141 million, which is still a considerable drop from the $295 million asking price prior to the auction. The buying price is also well-short of the $190 million in debt that the property's creditors carried at the time of the auction.
The buyer's identity was not revealed until Sunday, when The Los Angeles Times reported that Fashion Nova CEO Richard Saghian was the winning bidder. The auction opened online Monday, and only a few offers were made until the final minutes.
"The One Bel-Air is a once-in-a-lifetime property that can never be duplicated. 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," Saghian told The Times Sunday in an emailed statement.
The total cost on the purchase rose to $141 million with the 12% auction fee.
Niami once referred to the property's worth as $500 million, but several delays, complications in the construction and default on more than $100 million in loans reduced the suggested price by a staggering amount.
Production on the home began more than a decade ago, and includes an incredible list of amenities across the property's four acres, including: 21 bedrooms, 42 full bathrooms and seven half-bathrooms, a bowling alley, a nightclub - equipped with a VIP lounge, a salon and spa, five pools, a 10,000-square-foot sky deck, 10,000-bottle wine cellar, a movie theater, a 400-foot outdoor running track, a putting green and a tennis court amongst many more.
A hearing is scheduled for late March in bankruptcy court, where it is subject to the approval or denial of the presiding judge.
The home is reportedly still not finished, and is not even available for residency "pending a sign-off from city inspectors on crucial permits for grading, electrical and other work," as detailed by The Los Angeles Times.
