HOUSE PARTY

Soulless Bel Air Mega-Mansion Offloaded for Half Price to Fashion Mogul

“The One” was put on the market for $295 million following a bankruptcy filing, and Richard Saghian snapped it up for just $141 million.

A one-of-a-kind Los Angles mega-mansion nicknamed “The One” has sold to Fashion Nova CEO Richard Saghian for $141 million—less than half the $295 million price tag it had when it went on the auction block in January after developers fell into bankruptcy. One broker told the New York Post that the mansion—replete with cabanas, a night club, bowling alley, and multiple pools—was one of the “ugliest homes I’ve ever seen... Only someone with terrible taste who wants to scream to the world that they’re rich [would buy it].” Saghian, however, described it to the Los Angeles Times as a “once-in-a-lifetime property that can never be duplicated.” In a statement confirming he’d made the winning bid, Saghian said, “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.” Fashion Nova, a fast-fashion brand, has annual sales surpassing $1 billion.