Richard Saghian, the founder of the California-based online fashion company Fashion Nova, has expanded his real estate portfolio with the purchase of two Miami Beach properties for $30 million, The Real Deal reported Wednesday. The acquisition includes a waterfront home at 5718 North Bay Road and a non-waterfront property at 5725 North Bay Road.
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Richard Saghian, the founder of the California-based fashion company Fashion Nova, has expanded his real estate portfolio with the purchase of two Miami Beach properties for $30 million, The Real Deal reported Wednesday.
The acquisition includes a waterfront home at 5718 North Bay Road and a non-waterfront property at 5725 North Bay Road. Both Florida properties were sold by Ami Shashoua, Principal at Shashoua Family Office Real Estate Development, in an all-cash deal.
Shashoua had originally listed the waterfront property for $76.5 million in early 2023, but after several price adjustments, the property’s asking price dropped to $34.9 million. Combined with the non-waterfront home, the two properties were listed just under $39 million.
Maurice Boschetti of Boschetti Realty Group represented Saghian, while Nelson Gonzalez of Berkshire Hathaway EWM Realty International represented the seller. The deal closed about 10 days after Saghian made an offer.
Boschetti told The Real Deal that Saghian sought “a prime location and the best view” for a vacation home in Miami Beach, referring to the waterfront residence. The 8,116-square-foot home, built in 2022, boasts panoramic bay views and features 7 bedrooms, 7 full bathrooms, and luxe amenities, including a wine cellar, home theater, fish pond and saltwater pool.
The extravagant waterfront property, which sits on 0.4 acres, last sold in 2010 for $3.4 million. It was previously listed for rent at $350,000 per month.
The non-waterfront home, spanning 3,167 square feet with 4 bedrooms and 4 bathrooms, was fully renovated with “rooms that retain historical charm along with high-quality vintage pieces that elevate the design,” according to the property’s listing. Outdoors, the backyard is complete with a sprawling teak deck and outdoor rainfall shower.
Shashoua purchased this property in 2022 for $2.8 million.
Richard Saghian (Photo by Steve Granitz/WireImage)
Saghian’s latest purchases add to the ongoing sales activity on North Bay Road, following David and Victoria Beckham’s recent $72.3 million acquisition of a nearby waterfront mansion.
Saghian, whose net worth is estimated at $1.3 billion by Forbes, is no stranger to high-end real estate. He owns multiple properties in Southern California, including two homes in the Hollywood Hills, two Malibu beach houses and the Bel-Air megamansion “The One,” which he purchased for $141 million in 2022. Additionally, he recently acquired a new Beverly Hills headquarters for $118 million.
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