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Richard Saghian, the founder of fast fashion retail company Fashion Nova, has purchased a beachfront property in Malibu in an all-cash deal for $40 million, The Real Deal reported.
The six-bedroom, eight-bathroom home located on Pacific Coast Highway was originally listed for $69 million in June by owner Lee Samson, founder of Windsor Healthcare Management. The home then underwent a series of price cuts, according to the listing on Redfin — it was dropped to $59 million in September, then $49 million in December — before being purchased by Saghian.
Samson bought the 6,000-square-foot home in 2015 for $22 million. The property is located on a third of an acre and includes 70 feet of beach frontage.
Chris Cortazzo of Compass and Gayle Pritchett of Pritchett — Rapf Realtors represented the seller. Stuart Vetterick of Hilton & Hyland and Branden Williams of The Beverly Hills Estates represented the buyer.
Saghian joins good company with the purchase, as the property is located on “Billionaire’s Beach,” an area of coastline where high-net-worth individuals such as Oracle co-founder Larry Ellison and DreamWorks Pictures founder David Geffen own properties.
The purchase might seem like a hefty one to the everyday man, but it’s a modest investment compared to Saghian’s $126 million purchase of “The One” megamansion in Bel Air in March, which is currently the highest price a property has ever sold for at auction. That deal was also one of the priciest residential home sales closed in 2022.
When Samson purchased the property, he tore down the original structure and commissioned the renowned architect Richard Landry to redesign the exterior, which was inspired by the designs of large-scale sculpture artist Richard Serra.
The home features glass walls and a number of patios, courtyards and decks to take advantage of ocean views.
A number of pricey sales have graced Billionaire’s Beach in recent years, including the $110 million sale of Hard Rock Cafe co-founder Peter Morton’s home in 2018, and Next Level Apparel owner Joe Simsolo’s $56.5 million purchase of a home in 2021.
