Richard Saghian, Fashion Nova CEO, Confirms Purchase Of Bel Air Mega-Mansion, 'The One'

BEL AIR (CBSLA) — A Bel Air mega-mansion marketed as the most expensive home in America was sold at auction Thursday, for less than half the asking price, and less than a quarter of the intended value.

Beverly Hills, CA - September 08: A view of the four-lane bowling alley at The One Bel Air, a 105,000-square-foot mansion by Nile Niami of Skyline Development and designed by Paul McClean (McClean Design). The One is shown by court-appointed receiver Ted Lanes, who now controls the property and is in charge of finding a buyer and paying off the lenders and other creditors, gives a tour of The One, the 105,000 square foot house on sale in Bel Air. This is apparently the largest home for sale in the United States. The developer Nial Niami "listed" it for $500 million but got into financial trouble and was foreclosed upon by Don Hankey. Photo taken in Bel Air on Wednesday, Sept. 8, 2021 in Beverly Hills, CA. (Allen J. Schaben / Los Angeles Times via Getty Images)

The property, dubbed "The One" by its developer Niales Niami, sold for a record-setting price of $126 million - the highest amount ever spent at a home auction. According to Forbes, upon closure it will be the second-highest total spent on a home, after the $238 million spent on a New York City penthouse by Ken Griffin in 2019.

Once auction costs and commissions have been added, the purchase will approximately hit $141 million, which is still a considerable drop from the $295 million asking price prior to the auction. The buying price is also well-short of the $190 million in debt that the property's creditors carried at the time of the auction.

LOS ANGELES, CALIFORNIA - MAY 08: Richard Saghian attends Fashion Nova x Cardi B Collection launch party at Hollywood Palladium on May 08, 2019 in Los Angeles, California. (Photo by Allen Berezovsky/FilmMagic)

The buyer's identity was not revealed until Sunday, when The Los Angeles Times reported that Fashion Nova CEO Richard Saghian was the winning bidder. The auction opened online Monday, and only a few offers were made until the final minutes.

"The One Bel-Air is a once-in-a-lifetime property that can never be duplicated. 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 told The Times Sunday in an emailed statement.

The total cost on the purchase rose to $141 million with the 12% auction fee.

Niami once referred to the property's worth as $500 million, but several delays, complications in the construction and default on more than $100 million in loans reduced the suggested price by a staggering amount.

Production on the home began more than a decade ago, and includes an incredible list of amenities across the property's four acres, including: 21 bedrooms, 42 full bathrooms and seven half-bathrooms, a bowling alley, a nightclub - equipped with a VIP lounge, a salon and spa, five pools, a 10,000-square-foot sky deck, 10,000-bottle wine cellar, a movie theater, a 400-foot outdoor running track, a putting green and a tennis court amongst many more.

A hearing is scheduled for late March in bankruptcy court, where it is subject to the approval or denial of the presiding judge.

The home is reportedly still not finished, and is not even available for residency "pending a sign-off from city inspectors on crucial permits for grading, electrical and other work," as detailed by The Los Angeles Times.

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