Billionaire Richard Saghian buys $31m New York penthouse

American billionaire Richard Saghian, the founder and chief executive of online clothing retailer Fashion Nova, has paid $31 million for a penthouse in Manhattan’s Tribeca neighborhood, adding a New York home to a property collection that includes one of the largest houses in Los Angeles.

A trail of big-ticket homes

Saghian, 45, is best known in real estate circles as the buyer of The One, the Bel-Air megamansion built by developer Nile Niami. He bought the 105,000-square-foot house, which has 21 bedrooms and 42 full bathrooms on about four acres, at a bankruptcy auction in March 2022 for $126 million, a record for a U.S. home auction. With the 12% buyer’s premium, the total came to about $141 million. The house had once been listed at $295 million, and Niami had talked of a $500 million price.

He has kept buying since. In October 2024, he paid $30 million in cash for two neighboring houses on North Bay Road in Miami Beach, including a 7-bedroom waterfront home built in 2022. In June 2025, he paid $32 million in cash for a 13,000-square-foot house on Donhill Drive, on the edge of Beverly Hills, about $12 million below its asking price.

He has spent heavily on offices too. In August 2024, Saghian bought a 175,000-square-foot office building at 407 North Maple Drive in Beverly Hills from Tishman Speyer for $118 million to serve as the company’s headquarters.

Built on Instagram

Saghian started Fashion Nova in 2006 after dropping out of college, opening its first store in the Panorama Mall in Los Angeles’ San Fernando Valley, selling inexpensive clubwear. The company grew into one of the biggest fast-fashion brands in the U.S. by selling cheap, trend-driven clothing online and marketing it through Instagram influencers and celebrities, including rapper Cardi B, who released two clothing lines with the brand in 2018 and 2019. The company has annual sales of about $2 billion, and Saghian’s net worth is estimated at about $2.1 billion.

The company has faced scrutiny over its business practices. In 2022, Fashion Nova agreed to pay $4.2 million to settle Federal Trade Commission allegations that it blocked negative reviews from appearing on its website. The company has denied the allegations.