Billionaire Fashion Nova founder Richard Saghian has spent $30 million on a prime piece of Miami Beach property — two of them, in fact.
The retail mogul scored two properties in a quick, all-cash deal: a luxury waterfront residence and a street-front home, both located on the exclusive North Bay Road, according to the Real Deal.
Ami Shashua, a fintech executive and developer, sold the properties to Saghian, who plans to use the beachfront home as a getaway.
Saghian, whose fast fashion empire is based in California, recently made headlines with the purchase of his $118 million headquarters in Beverly Hills.
Forbes estimates his net worth at $1.3 billion.
The 7,800-square-foot waterfront residence, built in 2022, boasts 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.
There’s also a four-car garage and an elevator, to boot.
Across the street, the second home features four bedrooms, 4.5 bathrooms and a new pool and spa.
The deal came together quickly — closing just 10 days after Saghian made an offer, insiders told TRD.
Shashuaja originally listed the beachfront home for $76.5 million earlier this year, but eventually dropped the price.
The non-water house, which was renovated last year, was listed for $5.5 million.
This latest Miami Beach purchase adds to Saghian’s growing collection of trophy properties, which already includes several California homes, such as his $141 million Bel-Air estate, “The One”—the largest mansion of LA.
And Saghian isn’t the only high-profile buyer eyeing North Bay Road.
Just this week, soccer star David Beckham and his wife Victoria closed on their oceanfront mansion there for $72.3 million.
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