While many other billionaire real estate buyers have pulled out of the market, Richard Saghian is still on the hunt for bargains. Nine months ago, the founder and CEO of mega-juggernaut Fashion Nova paid $126 million for the infamous “The One” estate in Bel Air, a huge discount from the $250 million asking price.
Unsurprisingly, Saghian also wanted to improve his living conditions in Malibu. Although he already owns a fancy vacation home on La Costa Beach, he’s now dropped $40 million on a much more impressive mansion perched atop the exclusive Carbon Beach, a stretch of sand sometimes known as “Billionaire Beach” for its many Forbes-listed homeowners. The Real Deal first reported the hefty transaction.
Originally offered for $69 million last June, the home’s asking price was reduced all the way to $49 million before Saghian finally came forward. The seller was nursing home mogul Lee Samson, who owns dozens of Windsor Healthcare facilities scattered across California and Arizona.
Located in close proximity 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 it a multimillion-dollar makeover led by famed architect Richard Landry and his associate Todd Riley. Recently renovated and completed in 2021, the striking building features interiors by Joan Behnke and a soothing mix of white, gold and gray colors that visually dominate the blue sea.
Rising above the Pacific Coast Highway, the residence’s fortress-like exterior is clad in textured cast aluminum panels, with a prop-like stucco sail adding visual charm. The completely windowless facade isn’t just for style — it serves to maintain the home’s privacy and soundproofing, despite the busy freeway ahead. The back is a completely different story, with walls of glass flooding every room with natural light and unobstructed ocean views.
There are a total of six bedrooms, six bathrooms and two powder rooms in over 6,000 square feet of living space. A central great room unites a fireplaced living room with a gourmet chef’s kitchen, and sliding glass doors seamlessly connect that vast interior space to the outdoor dining terrace. A staircase sculpted from bronze and steel leads upstairs, where Saghian will enjoy a master retreat with a private office and balcony, plus a separate gym with its own beverage cooler and servery.
Out front, a relatively large motor court hosts an automated car turntable, and a backyard reflecting pool and all-steel sculpture are sure to impress guests. Not far from the courtyard is a “hidden” cinema; Out back is 70 feet of ocean, plus a desirable private pool and spa. Still not enough? Head up to the rooftop deck, which boasts 360-degree views and is equipped with a built-in grill center, wet bar, jacuzzi and fireplace.
It seems likely that Saghian will soon sell his “spare” house in Malibu, a $14 million beachfront estate that Netflix co-CEO Ted Sarandos and his wife Nicole Avant bought less than two years ago. And in addition to those homes in Malibu and The One, Saghian still owns a $17 million mansion in Bird Streets, which was previously owned by the late Avicii.
Gayle Pritchett of Pritchett-Rapf & Associates and Chris Cortazzo of Compass handled the Carbon Beach listing; Stuart Vetterick of Hilton & Hyland and Branden Williams of Beverly Hills Estates jointly represented the buyer.