Fashion Nova CEO Pays $14.7 Million for Malibu Retreat
These days, online fashion is big business. Shopping for clothes online is a convenient way for people to keep up with the latest trends, as they can shop from home at a time that is convenient for them, rather than spending hours trawling the shops. It also gives shoppers a wider choice of products than they may find in the shops in their local area. With the rise in popularity of online fashion shopping, those who work in the industry are often making big bucks. One such example is Richard Saghian, who is the CEO of Fashion Nova, an online women’s fashion retailer. Instagram marketing has played a huge role in the success of this company, which is known for selling sexy clothing at cut prices. Another reason for the huge success of Fashion Nova is that endorsements from celebrities made the company an overnight phenomenon. Some of those who endorsed the brand included Kylie Jenner, Kin Kardashian, Cardi B, and many other top influencers. Saghian has become a rich man due to the company’s success, and his wealth means that he has recently splashed out on a stunning home in Malibu, California, and has paid a staggering $14.7 million for the property. Here is a look at the CEO’s recent property purchase.
An Overview of the House
The property bought by Richard Saghian was formerly owned by Netflix CEO Ted Sarandos and his wife Nicole Avant, a former United States Ambassador to the Bahamas and a Motown heiress. Sarandos and Avant bought the house in 2013 for $11.2 million from actor David Spade. They have now decided to sell the property, and it sold for $14.7 million within two weeks of going on the market. At first, the buyer was unknown, but it has now emerged that the buyer is Richard Saghian. After selling this property, Sarandos and Avant are not looking for a new home, as their main residence is a stunning mansion that combines the Italian Renaissance style with a Gothic style. It is in the Hancock Park neighborhood of Los Angeles, and they bought it for $16 million from Melanie Griffith and Antonio Banderas in 2015. The couple also owns a $34.2 million estate in Montecito.
They bought this gorgeous property and its expansive grounds in 2018 from Ellen DeGeneres and Portia de Rossi, says Dirt.com. The property they have sold to Saghian is a two-story, four-bedroom, 3.5-bathroom house that measures 3,736-square-feet internally and sits on a lot of 0.25-acres. The house is in an oceanfront position in the La Costa Beach area of Malibu, California, near Beverly Hills. It is a Mediterranean-style villa that was built in 1996 and is close to the Pacific Coast Highway, which means it is convenient for Saghian to commute to work. However, the oceanfront Malibu property has not been bought by Saghian to use as his primary home, as his main residence is a $17.5 million mansion in the Bird Streets area of Los Angeles. Paul McClean designed the mansion, and it sits in the hills overlooking West Hollywood.
The Interior of the Malibu Residence
There are some interior features that run throughout Saghian’s new Malibu home. These include high ceilings, white walls, wooden floors, large windows, and French doors leading to the outdoor space and the beach. On the house’s lower floor, there is a great room with an open-plan layout that comprises the main living space and a formal dining area. This room boasts high ceilings, neutral décor, a fireplace, wood flooring, and arched windows that give ocean views. There are also arched double doors that lead to the outdoor space and down to the beach. A smaller, separate sitting room has a cozy feel, as the furniture is arranged around a fireplace. Although glass doors are leading to the main living space that flood the room with light, there are curtains that give the option to separate this room from the rest of the house.
Dark lower cabinets line two walls in the stylish kitchen, then curve round to a breakfast bar area with white cabinetry. Both the cabinets and the breakfast bar have a black countertop. The kitchen has white tiles to the walls, and it is fitted with top-of-the-range Viking appliances. At the other end of the kitchen is an informal dining space. A skylit staircase leads to the property’s upper floor, which is where the master retreat is located. The spacious bedroom has an open fireplace and glass doors leading to a private balcony where Saghian can enjoy the spectacular beach and ocean views. Although the glass-fronted balcony is currently empty, there is plenty of space for Saghian to set up a seating or dining area on the balcony, if he wishes.
The Grounds of Saghian’s New Home in Malibu
Saghian’s new home is shielded from the busy Pacific Coast Highway by a windowless wall. Although the plot is only small, at 0.25-acres, it is perfectly designed for relaxation, outdoor dining, and entertaining. Also, the limited outdoor space is not an issue when you have direct beach access from your home. Most of the outdoor space is a brick-paved courtyard that is decorated with features such as flowering bougainvillea plants and stone statues. To one side of the house is a plunge pool that is perfect for taking a dip to cool off from the Californian sunshine, although there is also the option to go for a swim in the ocean. The courtyard also features a cabana with its own bar. There are various loggias and patio areas on the oceanfront side of the house where Saghian can dine alfresco, enjoy the ocean views, or entertain guests. From this side of the house, there are wooden steps running across the full width of the property, and these give direct access to the beach.