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Real Estate
Sarah Jackson
Updated
2024-01-24T10:05:02Z
- The One Bel Air is a 105,000-square-foot megamansion said to be the biggest modern home in the US.
- In 2022, it sold for $141 million, including fees and commission, far from the $500 million its developer once hoped to fetch.
- Take a look at the home, which boasts 21 beds, 42 baths, a 10,000-square-foot sky deck, and more.
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You may have heard of fast fashion company Fashion Nova before, but did you know its billionaire chief executive is the owner of the biggest modern home in the US?
Fashion Nova founder and CEO Richard Saghian bought The One Bel Air, a 105,000-square-foot megamansion in Los Angeles, in 2022 for $126 million. With fees and commission, his total price came out to about $141 million.
The property hit a few snags on the road to its big-ticket sale. The developer originally wanted to get $500 million for the home. There were also construction delays and challenges, as well as enormous debts, associated with building the huge property.
The home was at one point put in a court-ordered receivership, and later bankruptcy, before Saghian bought it at bankruptcy auction.
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Here's a closer look at what he got for his $141 million purchase:
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Behold: A sprawling Los Angeles megamansion believed to be the biggest modern home in the US.
The property is known as The One Bel Air, and it fetched $126 million at auction in 2022.
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It was listed on Sotheby's Concierge Auctions from February 28 to March 3, 2022.
The auction site called the 105,000-square-foot home "America's most expensive and largest residence."
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The property, which was 10 years in the making, came from film producer-turned-real estate developer Nile Niami.
Niami initially hoped to sell it for a whopping $500 million, which would have made it one of the most expensive homes in the world.
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But the home was beset with several delays, construction challenges, and cost overruns. In 2021, it was placed into a court-ordered receivership and later put into bankruptcy.
It listed for $295 million in January 2022, making it the most expensive home for sale in the US at the time, though the price was a sharp discount from the $500 million Niami hoped to get for the home.
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When no buyers bit, the home went into bankruptcy auction. Though the top bid for the home was $126 million, the auction premium and commission fees brought the total closer to $141 million.
The bidder? Fashion Nova's billionaire CEO, Richard Saghian.
Source: Business Insider
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Sotheby's Concierge Auctions said the sale was "more than double the highest US sale at auction and nearly 50% higher than the world record."
Here's a closer look at what Saghian got for his $141 million splurge:
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As you approach the property, you'll find a sculpture from Italian glassmaker Simone Cenedese in the mansion's sprawling yard.
Here's the main entrance to the property.
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Inside, the mansion's foyer has a rotating sculpture and floor-to-ceiling windows, which make for a pretty great view at day ...
... or night.
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The One boasts 21 bedrooms, 42 bathrooms, and seven half-bathrooms.
Like the foyer, many rooms have expansive views of Los Angeles, like this one...
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...and this one.
You'll find a 10,000-bottle wine cellar in the dining room.
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There's plenty of space to lounge around in the family living room.
There are several rooms devoted to R&R.
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For some pampering, there's a full-service beauty salon and wellness spa.
The salon is one of the more vibrantly colored rooms in the mansion, with glossy red walls.
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There's an entertainment room for activities like playing billiards.
The mansion also boasts its own bar and cigar lounge.
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Here's the bar up close.
In the next room over, there's a private bowling alley.
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It has four lanes, several shelves of bowling shoes at the ready, and bowling balls oddly evocative of Trix cereal.
There's also a private nightclub on the premises...
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...as well as a private movie theater.
The One's 4,000-square-foot master bedroom has a walk-in closet with plenty of space for clothes, shoes, and accessories.
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Saghian has room for plenty of books...
...in a two-story room that can function as either a library or office and boasts its own balcony.
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The literal candy bar is a child's paradise.
Five swimming pools dot the property.
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There are a few outdoors, one of which is on the roof of a 4,000-square-foot bedroom...
...while the other is above the private nightclub.
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Another pool functions as a floating lounge.
Inside, there's a pool in a room with a living wall and a mirror on the ceiling.
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It's located near an exercise room...
...and a juice bar.
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Though the home was built in the last decade, it has taken a cue from the construction of centuries past, with a moat surrounding three sides of the property.
Visitors to the mansion can have the guesthouse to themselves.
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The guesthouse also has floor-to-ceiling windows...
...and three bedrooms of its own.
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Outside again, the mansion has its own glass-walled jogging court, tennis court, and this putting green.
The home's other features include a 30-car garage, six elevators, and of course, close proximity to Rodeo Drive, Beverly Hills, and downtown Los Angeles.
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Less than a year after buying The One, Saghian scooped up another pricey property in California.
He paid $40 million in an all-cash deal for a 6,000-square-foot beachfront home in an exclusive Malibu area known as "Billionaire's Beach," The Real Deal reported in January 2023.
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