By KIMBERLEY HAAS
A Bel Air megamansion that was listed on the market for $295 million has been purchased at auction by the CEO of Fashion Nova.
Richard Saghian, 40, reportedly beat out four other offers for the 105,000-square-foot home. He confirmed he was the winning bidder to the Los Angeles Times.
Saghian said the property, with 21 bedrooms, 42 bathrooms, and 7 half baths can never be duplicated. He owns two other houses in southern California, according to the newspaper.
“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 said Sunday in an emailed statement to the Times.
Saghian’s bid was $126 million, the highest amount ever spent on a home auction, according to CBS in Los Angeles.
Once auction costs and commissions have been added, Saghian will have invested $141 million in the property.
Saghian’s company is known for ties to celebrities such as Cardi B and Lil Nas X. Fashion Nova reportedly has annual sales that exceed $1 billion and speculation is that the property could be used as a marketing tool and backdrop for influencers.
According to the website for Concierge Auctions, the luxury real estate company that sold the property when it did not get purchased after being listed, there was a $250,000 bidder deposit required.
The megamansion is located on a 3.83-acre lot on Airole Way. It was described as a work of art that appears to float above the very city of Los Angeles itself, elevated for maximum panoramic views and surrounded on three sides with a shimmering moat of water, in the listing.
There are five pools, a nightclub, a full-service salon and spa, a 10,000-square-foot sky deck, a 400-foot private outdoor running track with a glass-walled view of the city, and private theater seating over 40 people.
Leaders at Concierge Auctions say they beat their own world record with a price more than double the highest U.S. sale at auction and nearly 50% higher than the world record.
Chad Roffers, President of Concierge, said they’re thrilled to make history again.
“Since the inception of Concierge Auctions, the highest level of luxury auctions have become our hallmark: The One was no exception. In only 55 days, we secured a strong field of global interest from America to Europe, Asia, and The Middle East, doing exactly what we do best – finding the most affluent buyers from every pocket of the world. We’re thrilled to have broken our own previous world record for the fifth consecutive time, once again breaking the record with a California property, and to make history by selling the largest and one of the most expensive single-residence homes to ever hit the global market,” Roffers said in a statement.
Mario Vargas is the Senior Vice President of Corporate Development for Concierge Auctions and he said that usually people regret not participating in these high-end auctions, not the other way around.
“It’s usually regret of not participating or not bidding higher,” Vargas told The Mortgage Note in an interview.
Vargas said they work hard to build relationships as they auction off some of the most luxurious houses in the world. He said they work alongside real estate agents.
“I think it’s 100 percent about the people have to trust you,” Vargas said. “I have worked in Los Angeles and I’ve built what I consider to be friendships.”
If you are thinking about investing in luxury real estate through the auction process, Vargas said they have others to sell at this price point.
“We get properties all over the world. They’re all amazing. There will be some point in time, you’ll find something,” Vargas said.
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