Richard Saghian, the American billionaire founder and chief executive of online clothing retailer Fashion Nova, has expanded his high-end property portfolio by acquiring a penthouse in Manhattan’s Tribeca neighborhood for $31 million, according to an Billionaires.Africa report published on October 31, 2026. The transaction establishes a direct residential footprint in New York City for the 45-year-old executive, whose business operations are primarily anchored in Southern California.
The acquisition continues a pattern of major luxury real estate investments by Saghian, whose net worth is estimated at approximately $2.1 billion, underpinned by Fashion Nova’s annual sales of about $2 billion. Over recent years, the fast-fashion executive has assembled an extensive collection of high-value residential and commercial properties across prominent American real estate markets.
A History of High-Value Real Estate Acquisitions
Saghian first gained widespread attention in real estate circles in March 2022, when he purchased ‘The One’, a sprawling 105,000-square-foot Bel-Air megamansion built by developer Nile Niami, at a bankruptcy auction. He secured the property for $126 million—setting a record for a U.S. home auction—which brought his total expenditure to roughly $141 million when including the 12% buyer’s premium.
His property portfolio expanded further in subsequent years. In August 2024, Saghian acquired a 175,000-square-foot office building located at 407 North Maple Drive in Beverly Hills from Tishman Speyer for $118 million to serve as the corporate headquarters for Fashion Nova. Two months later, in October 2024, he paid $30 million in cash for two neighboring waterfront properties on North Bay Road in Miami Beach, including a seven-bedroom residence built in 2022. That momentum continued in June 2025, when he invested $32 million in cash for a 13,000-square-foot home on Donhill Drive on the edge of Beverly Hills, a purchase price that sat approximately $12 million below the initial asking figure.
Retail Growth and Corporate Scrutiny
Saghian built his commercial success after dropping out of college in 2006 to establish Fashion Nova, opening its inaugural retail location within the Panorama Mall in the San Fernando Valley of Los Angeles to sell affordable clubwear. The enterprise subsequently evolved into a dominant online fast-fashion brand, driven by targeted digital marketing campaigns leveraging Instagram influencers and high-profile celebrities, including rapper Cardi B, who collaborated on clothing lines released in 2018 and 2019.
Alongside its commercial growth, the company has navigated regulatory and public scrutiny regarding its operational practices. In 2022, Fashion Nova agreed to a $4.2 million settlement resolving allegations brought by the Federal Trade Commission concerning the blocking of negative customer reviews on its e-commerce platform. The corporation has consistently denied those allegations while maintaining its market position within the domestic retail sector.