Fast Fashion Mogul Snags 'The One' Megamansion: Report

BEL AIR, CA — Fast Fashion mogul Richard Saghian set his designs on the Bel-Air mansion known as 'The One,' winning the city's most opulent mansion at auction Thursday.

The owner and chief executive of Fashion Nova snagged the 21-bedroom, 42-bathroom estate Thursday for less than half the asking price of $295 million. The winning bidder's identity remained unknown until the Los Angeles Times reported it on Sunday.

“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 in an emailed statement.

SEE ALSO: 'The One,' Once America's Priciest Mansion, Sets Auction Record

Saghian's winning bid must still be approved by a judge. The sale caps a dramatic saga that saw the property go from a $500 million projected price tag to a bankruptcy courtroom and ultimately to auction. Its developer Nile Niami was never able to command the record-setting price he boasted about, and the house remains unfinished. With the sale millions short of the property's debt, Niami's creditors will take a huge loss.

The 105,000-square-foot hilltop home, is considered the largest residence in Los Angeles. It boasts five pools, walls made of jellyfish aquariums, a nightclub and casino, and sold for $126 million, according to Concierge Auctions. Once commissions are factored in, the final price will be roughly $141 million, according to multiple reports.

Saghian's company, which he founded in 2006, has prospered from associations with stars such as Kylie Jenner, Lil Nas X and Cardi B and exceeds more than $1 billion in annual sales, the Times reported.

According to the report, Saghian owns two other homes in Southern California that he purchased for nearly $15 million and $17.5 million. The former is on a Malibu beach, the latter in the so-called Bird streets of the Hollywood Hills.

City News Service and Patch Staffer Paige Austin contributed to this report.