Fashion Nova Founder Snags Two Prime Miami Beach Properties for $30 Million
Luxury Real Estate
Fashion Nova’s billionaire founder, Richard Saghian, has made another significant real estate investment, acquiring two prime properties on Miami Beach’s exclusive North Bay Road for a total of $30 million. The deal was completed swiftly, with the properties closing just 10 days after Saghian made an offer.
Waterfront Mansion
The 7,800-square-foot waterfront mansion, built in 2022, boasts stunning views of Biscayne Bay with 75 feet of frontage. The luxurious spread includes seven bedrooms, seven bathrooms, a wine cellar, a home theater, a gym, and even a saltwater pool. Additional amenities include a four-car garage and an elevator.
Second Home Across the Street
The second property, located across the street, features four bedrooms, 4.5 bathrooms, and a new pool and spa. This non-waterfront home was renovated last year and was listed for $5.5 million.
Background on the Properties
The waterfront home was initially listed for $76.5 million earlier this year, but Ami Shashoua, a fintech executive and developer, eventually dropped the price. The swift transaction was facilitated by an all-cash deal, with Saghian purchasing both properties at once.
Saghian’s Real Estate Portfolio
This latest purchase adds to Saghian’s growing collection of trophy properties, which already includes several homes in California, such as his $141 million Bel-Air estate, "The One" – LA’s largest mansion. Notably, Saghian’s fast-fashion empire is headquartered in California, where he recently made headlines with his $118 million Beverly Hills headquarters purchase. Forbes estimates his net worth at $1.3 billion.
Conclusion
Fashion Nova’s billionaire founder, Richard Saghian, has made another significant real estate investment, snapping up two prime properties on Miami Beach’s exclusive North Bay Road for a total of $30 million. This latest purchase underscores Saghian’s reputation as a savvy investor and his enthusiasm for luxury real estate.
Frequently Asked Questions
Q: How much did Richard Saghian pay for the two properties?
A: $30 million
Q: What is the square footage of the waterfront mansion?
A: 7,800 square feet
Q: How many bedrooms and bathrooms does the waterfront mansion have?
A: 7 bedrooms and 7 bathrooms
Q: Who is Ami Shashoua, and what is his role in the deal?
A: Ami Shashoua is a fintech executive and developer who sold the properties to Saghian.
Q: What is the total value of Saghian’s real estate portfolio?
A: It’s estimated to be over $250 million.
