Fashion Nova’s Richard Saghian Buys $32 Million Abode

Richard Saghian, who acquired the “The One” megamansion for a record $141 million, needed a temporary home.

The owner of fast-fashion company Fashion Nova dropped $32 million in cash on 1414 Donhill Drive, a six-bedroom, seven-bathroom house on the edge of Beverly Hills, sources with knowledge of the deal told The Real Deal. The sale closed Tuesday and Saghian immediately moved into the 13,000-square-foot house, which he acquired for $2,462 per square including designer European furnishings.

Saghian bought the home, which was on the market for 26 days, for $12 million off its listing price, a source indicated.

Saghian relocated from the 7,700-square-foot house he owns on Blue Jay Way in the Hollywood Hills so he could have a place fit to entertain while he waits for The One to be ready, the source said.

The home on Donhill Drive appealed to Saghian because of its amenities including indoor pool, hot tub, sports court, rooftop deck, downstairs lounge, movie theater and its views.

“He is doing extensive design finish work to his liking on [The One] and will reside in this new house until The One is finished,” another source said.

Shauna Walters and Nicole Plaxen of The Beverly Hills Estates, Tomer Fridman and Aaron Kirman of Christie’s International Real Estate Southern California and Sally Forster Jones of Compass represented the seller, Ramtin Ray Nosrati’s Huntington Estate Properties, which developed the home on spec after buying it for around $6.5 million in 2021, property records show. They declined to comment.

Branden Williams of The Beverly Hills Estates and Stuart Vetterick of Westside Estate Agency represented Saghian in the deal. They didn’t respond to a request for comment.

In 2022, Saghian placed the winning $141 million bid for The One, a 21-bedroom, 49-bath mansion estate at 944 Airole Way. Saghian nabbed the property in the February bankruptcy sale of spec developer Nile Niami’s troubled property. It’s the largest home in L.A. at 105,000 square feet, per Forbes, and the fourth-largest sale in California history.

Saghian, who declined to comment, apparently holds all necessary permits and is currently obtaining approvals and inspection sign-offs as The One moves forward. “The reason why it’s taking so long is because he is refinishing the entire house with new finishes,” one of the sources said.

Saghian’s portfolio also includes another home in Hollywood Hills, two in Malibu and one in Miami. And he paid $118 million for a new Beverly Hills headquarters for his online fashion company at 407 North Maple Drive in August 2024.