Once Floated at $500M, Bel Air’s ‘The One’ Auctions for $126M; Buyer Is Fashion Nova Founder Richard Saghian

Published: March 8, 2022 | By: American Luxury Staff

It’s been a long haul for The One, the lavish Bel Air estate that has engendered countless news articles and much debate since ground broke on it in the last decade, as well as a legal dispute or two.

Developer Nile Niami conceived of the sprawling super-modern house as a final residential statement, a trophy property among trophy properties, and, in the sanguine early days of the project, envisioned a $500 million payday clear of investment. In the end, the property sold for $126 million at auction, bringing to a close a story that began with Niami’s 2012 purchase of the property. The buyer is Fashion Nova founder Richard Saghian.

The house — which is reportedly still unfinished to a minor degree — occupies a four-acre hilltop lot in the storied Los Angeles neighborhood. Interior spaces on the property were forecasted to measure in at over 100,000 sq. ft. The house’s accommodations count? Twenty-one bedrooms, supported by 42 bathrooms. More opulent spaces include the 5,000 sq. ft. master suite, with additional amenities involving a quintet of swimming pools, a nightclub with aquarium walls, a salon, and a casino.

Founded by Saghian in 2006, fast-fashion company Fashion Nova has managed to achieve considerable growth by harnessing the power of social media and influencers.

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