Fashion Nova's Richard Saghian Spends $40 Million on Carbon Beach Mansion

While many other billionaire homebuyers have retreated from the market, Richard Saghian is still out bargain-hunting. Nine months ago, the founder and CEO of apparel mega-juggernaut Fashion Nova paid $126 million for Bel Air's infamous "The One" estate, a steep discount off the $250 million ask.

Unsurprisingly, Saghian has also been wanting to upgrade his Malibu residential circumstances. Though he already owns a swank vacation home on La Costa Beach, he's now splashed out $40 million on a much more impressive mansion sited atop exclusive Carbon Beach, a sandy strip of land known sometimes known as "Billionaires' Beach" due to its many Forbes-listed homeowners. The Real Deal first reported the hefty transaction.

Originally offered at $69 million last June, the home's asking price was slashed all the way down to $49 million before Saghian finally came calling. The seller was nursing home mogul Lee Samson, who owns dozens of Windsor Healthcare facilities scattered across California and Arizona.

Sited right next door to one of Larry Ellison's many homes, the Carbon Beach mansion was built in the 1970s and designed by modernist specialists Buff & Hensman. Samson bought the house in 2015, paying $22 million, and gave the place a multimillion-dollar remodel spearheaded by famous architect Richard Landry and his associate Todd Riley. Newly reinvigorated and completed in 2021, the striking structure features interiors by Joan Behnke and a soothing blend of white, gold and gray colors that give visual supremacy to the blue sea.

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