Fashion Nova Founder Nabs ‘The One’ in Bel Air After Judge Approves Bid of $126M
Bel Air’s most talked-about megamansion is finally changing hands. A U.S. Bankruptcy Court judge has approved an offer bid of $126 million placed by Fashion Nova founder Richard Saghian on Bel Air’s ‘The One.’ The extravagant property created by Nile Niami once wanted $500 million and last listed in January of this year for $295 million—a price tag which placed the home easily atop the list of America’s most expensive homes. From there, the stunning spread went to auction in February only to pull a highest bid less than half of what creditors hoped for and they wore that disappointment on their sleeves.
The auction took place from February 28 to March 3, but just this week, its result was made final. According to the Los Angeles Times, Judge Deborah Saltzman overruled objections from certain creditors that stated Russia’s invasion of Ukraine deterred potential bidders and allowed Saghian to come in with a low offer. Two days of court hearings followed the auction, where attorneys for Saghian, the bankrupt estate, and other creditors made the case that the bid could not be attributed solely to the start of the ongoing war.
Said Judge Saltzman, “There have been credible arguments that perhaps markets could have adjusted and that things would be different now, but there are also arguments to suggest that things could be worse now.”
Though some creditors will take losses on this, most people would find nothing “low” about the amount Saghian is throwing down. After a 12% buyers’ fee, the sale will close at $141 million, more than double the highest US real estate sale at auction and nearly 50% higher than the world record.
The Fashion Nova founder and CEO has plenty to celebrate, and an immense amount of room to do so. Saghian is now the imminent owner of the 105,000-square-foot megamansion, whose 21 bedrooms, 42 bathrooms, and countless amenities can accommodate a particularly legendary housewarming party.
Adam Kirman of Compass shared the listing with Branden and Rayni Williams of The Williams & Williams Estates at The Beverly Hills Estates while Concierge Auctions held the epic auction.