Los Angeles, California, might be better known as Tinsel Town and the home of some of the most affluent people live. The city attracts anyone and everyone on a journey towards fame that is also known for some of the most expensive real estate in the country. With such high-profile people living in the area, it is only understandable that some of the country’s biggest and most elaborate homes are built.
The biggest mansion in L.A., known as The One, was recently sold at auction in March 2022 for a whopping $126 million. The mansion located in Bel Air is the most extensive and expensive mansion to be built in L.A. setting the record for the most expensive house to be sold at auction. However, the mansion was sold at a bankruptcy auction for just a mere percentage of its original selling price.
All About “The One”
The One was sold at a bankruptcy auction for $126 million with an additional 12% auction fee, bringing the total amount to $141 million. This was a far cry less than the original listing price of $295 million and an even bigger departure from the original $500 million the developer had hoped the mansion would sell for.
The buyer was not disclosed at the time of the auction. Before the auction, over three dozen buyers viewed the mansion in hopes of placing their bets. According to the listing agents, these buyers included millionaires from worldwide.
Concierge Auctions, which handled the mansion’s sale, have said that there were over 2,800 prospects for the mansion. Once the auction opened, however, there were just 5 bidders from the U.S. and New Zealand.
The One is built over 105,000 square feet with marble flooring and glass walls. It features a 4,000 square feet attached guest house, a private theater, a sky deck, a nightclub, a spa, an outdoor moat, and a running track. It also has a total of 21 bedrooms and an impressive 42 bathrooms. The One boasts a massive space but is not fully complete and still requires a number of permits and electrical work.
Who Is The New Owner?
Following the auction for the mansion, the winning bid was approved in bankruptcy court. The new owner of Bel Air’s The One is Richard Saghian. Judge Deborah Saltzman presented the ruling following a two-day hearing. The sale did not feel successful to anyone involved except for Saghian, although it was completely legal and met all the criteria for approval.
Saghian was one of just 5 bidders for the bankruptcy auction. The auction began on February 28 with the final bidding ending on March 3. It is believed that recent developments in Ukraine and Russia resulted in a lot of social and political uncertainty and many Russian bidders pulled out of the auction.
But who is Richard Saghian? Saghian is the founder and chief executive of Fashion Nova. This fast-fashion company has gained massive popularity in the last few years and has become a household name in the U.S.
The brand has worked with social media personalities and celebrities like Kylie Jenner and Megan Thee Stallion to build its reputation. According to Forbes, Saghian has a net worth of $1.4 billion because he owns 100% of his company.