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Fashion Nova CEO Richard Saghian doles out $17.5 million for Avicii’s house

Yolanda was on a flight back home to LA earlier this week. And recently our pocketbook has become a bit pinched, so unfortunately we were herded like cattle on a hideous commercial flight, and not our preferred private method of travel. Anyway, we tuned out the ugly screaming babies and the grouchy plebes around us by watching the Avicii: True Stories documentary, which we highly recommend.

For those of y’all non-hip folks, Avicii — real name Tim Bergling — was a Swedish fellow who was one of the world’s highest-earning DJs during the early 2010s. DJs are the new rockstars, kids, and Mr. Bergling made untold tens of millions during his short career. Sadly, Mr. Bergling also suffered from acute depression, stress, and serious substance abuse. There was also the issue of his too-aggressive management team — allegedly — but that’s a story for another day. Just watch the documentary if y’all want to learn more.

This April (2018), Mr. Bergling committed suicide in a particularly grisly manner. He was just 28 years old.

The late Tim Bergling

Coincidentally, just as we were arriving home it was revealed that Mr. Bergling’s estate sold his Hollywood Hills mansion in a secret off-market deal for a huge sum of money: $17,500,000, to be exact. And Yolanda finds no evidence of a mortgage in public records, so all signs point to the buyer having paid ca$h.

Speaking of the buyer, that person’s name was not (publicly) revealed, but naturally we were curious about his/her identity, particularly since $17.5 million cash is several truckloads of dough. And this is also 2018’s biggest sale so far in the trendy Bird Streets area. Unfortunately, the buyer’s identity is shielded behind an LLC, but Yolanda did some askin’ and sniffin’ around and we can tell y’all who now has the keys to the Avicii palace. He is a man, and his name is Richard Saghian.

A rare photo of Mr. Saghian

Most of our readers have likely never heard of Mr. Saghian, but rest assured that he is a very, very, very rich fellow. And if you use the Instagram contraption with any frequency, you have probably seen Mr. Saghian’s products being hawked on the platform. Particularly if you follow trendsetting female celebrities.

Our Mr. Saghian, you see, is the owner, founder, and CEO of Fashion Nova, which is arguably the most famous and successful Instagram brand — “Instabrand”, for short — of them all. Fashion Nova has more than 13 million followers on the ‘gram, and last year it was the fourth-most-Googled fashion brand in all the world: ahead of Chanel and behind only Gucci, Louis Vuitton, and Supreme. That’s all the more shocking and impressive because the discount clothing retailer was virtually nonexistent five years ago, save for a handful of small stores here in LA.

In 2013, however, Mr. Saghian discovered the power of e-commerce and social media. He began forging relationships with many of Instagram’s top female “influencers” — particularly ladies with curvy, plus-size bodies — to promote his clothing. And though he still has a small handful of physical stores here in LA, the vast majority of his company’s sales now come from the online realm.

Hot celebrities of the moment such as Cardi B, Nicki Minaj, and the Kardashians promote Fashion Nova on their accounts. And they promote it so often and routinely that we have to wonder how much Mr. Saghian is paying these ladies on a monthly basis. Hundreds of thousands? Millions? After all, these gals are some of Instagram’s top “influencers” and we doubt they peddle Mr. Saghian’s products out of the kindness of their hearts.

Kylie’s Fashion Nova jeans will transform y’all into 21-year-old “self-made” billionaires too. Swear!

But whatever the cost, it is clearly worth it to Mr. Saghian. His new $17.5 million house is proof of that. And though he declines to state Fashion Nova’s annual revenue, he admitted that sales grew a jaw-dropping 600% in 2017. Safe to say that Fashion Nova is probably close to becoming a billion-dollar (revenue) brand, if it ain’t there already.

Despite the fact that Fashion Nova is now very famous, Mr. Saghian himself eschews publicity, remaining almost reclusive. He rarely gives interviews — he has said they make him uncomfortable — and he does not seem to frequent the LA social scene. We do know that he is in his late 30s, appears to be unmarried, and was born and raised in Beverly Hills — his parents are wealthy Iranian-American immigrants.

But we digress. Let’s discuss the house, which sits on the most famous Bird Streets street: Blue Jay Way, immortalized in psychedelic-influenced song by the Beatles. And for those who may not be aware, the Bird Streets have long been the most desirable (and likewise most expensive) area of the Hollywood Hills. They sit just east of Beverly Hills and directly overlook the Sunset Strip and the bustling city of West Hollywood.

Because this most recent transaction took place completely off-market, we do not have recent photos to share with y’all. Apologies. The pictures below are from 2013, when Mr. Bergling originally purchased the property. During his 4+ years of ownership, Mr. Bergling made substantial alterations to the house, though the basic structure and look remains intact. Keep that in mind and more details on those alterations in a moment.

The striking 7,007-square-foot mansion was drawn up by highly acclaimed architect Paul McClean — it was one of his first LA house designs — and built in 2008 on speculation by a real estate developer named Brad Kuish and interior designer Ryan Brown. The following year, the ultra-contemporary pad was sold for exactly $10 million to haircare entrepreneur Bruno Mascolo and his wife Kyara.

Eventually, along came Mr. Avicii. He scooped the property up in late 2013, when he was just a wee 24-year-old lad.

There are 6 bedrooms and 7 bathrooms in the sleekly bi-winged residence, which is mostly hidden from the street out front by thick hedges and such. A four-car garage faces the street and most of the walls are of the glassy disappearing variety. Sure to impress guests is the dramatic entryway: a gated courtyard with fountains and fire features leads to a concrete walkway over the pool, which in turn leads to the front door of the manse.

Soaring, unobstructed views take in a huge swathe of Los Angeles: everything from the San Gabriel Mountains to the skyscrapers of Downtown LA and Century City, to (on a clear day) the Pacific Ocean and Catalina Island. The 75-foot pool has a sunbathing shelf and the surrounding terraces have various outdoor dining and lounging options in a quintessentially Southern California style.

Indoors, the living room sports a fireplace and floor-to-ceiling walls of glass with more of those mesmerizing views. The kitchen is done up in a rather austere (yet chic) manner with stainless steel, metal accents, and top-of-the-line appliances. Chocolate brown hardwood floors grace most of the main rooms, and there is also a home theater with tiered seating, a game room, and a large wine cellar.

Upstairs is the master suite, which sports a sitting area, a walk-in dressing room with a lurid hot pink (or is it red?) chandelier, and an expansive all-marble bathroom with dual vanities, striking westward views, a built-in soaking tub, and a glassy shower. As for the house itself, it is cramped on a sloped .31-acre lot, so there really is no yard to speak of. But who needs a yard with that view, right?

Records reveal that this is not the first Hollywood Hills house purchased by Mr. Saghian. Back in 2016, he paid $4,105,000 for a 1960-built structure less than 10 minutes by car from his new house. Though that place is not currently on the market, Yolanda fully expects him to sell it very soon.

Mr. Saghian’s current $4.1 million Hollywood Hills house

Speaking of his new house, some of Mr. Saghian’s nearest new neighbors include Keanu Reeves, Leonardo DiCaprio, Westfield heir Peter Lowy, Walmart heiress Whitney Kroenke, Walmart heiress Paige Laurie, and Walmart heiress Sybil Robson Orr.

Anywho. We know that some of you are probably thinking that $17.5 million is a ton of money for the Bird Streets place and that Mr. Bergling’s estate probably raked in millions in profit. But the truth is that Mr. Bergling actually spent close to that during his short ownership of this house, kiddies. You see, he paid $15,550,000 for the structure in late 2013. But very soon after he reportedly discovered a termite infestation — and ended up remodeling the entire house in a two-year-long process. And that kind of remodeling takes cash. Lots of it.

So you see, this house was Mr. Bergling’s biggest life splurge — easily — and yet he only got to live in it for a year or two, at most. A bit sad, that.

Avicii’s final Instagram post

Mr. Bergling’s final post on Instagram — just days before his untimely death — was a haunting, poignant image of him crossing the concrete bridge at his LA home. Beyond him and the glass walls lay all of Los Angeles, the skyline stretching for miles to a horizon so distant it is almost nonexistent. Young Mr. Bergling had it all: success, fame, fortune. Yet everyone — rich or poor — has their own struggles. For some of us it’s sitting with the peasants on a commercial airline, but for many it is much more serious.

Yolanda isn’t quite sure how to wrap this story up. We don’t normally preach or give advice, but we’ll just say be kind — y’all never know what someone else is going through.

CategoriesFashion
  1. THE TRUTH says:

    Funny how you can make so much money from being a dishonest and unethical person. Fashion Nova is a scam and Richard Saghian is a con artist. Stop and think why there clothes are made so fast and cheaply: they use overseas labor (child/slave probably) to make these poor quality items that fall apart after three washes. Try to return anything and you won’t ever get a real person on the phone, just a robot. SCAM.

    Kylie Jenner should be ashamed of herself for letting this man dupe millions of her followers but obviously she has no problem prostituting her integrity for the money he pays her. Sad

    1. Porky says:

      @THETRUTH
      Are you Trump? You sound like Trump. Don’t you have something better to do, like run the country instead of comment on a real estate blog?

    2. Jim says:

      Fashion Nova buys most of its inventory from manufacturers in the Los Angeles area. Less than 30% of its inventory are bought from importers of apparel from China and elsewhere. Richard Saghian is a stern supporter of locally made apparel. He can not help it however that the fabrics used are imported. Do not make any generalized comments if you do not have a strong basis whether positive or negative.

      Fashion Nova has over 40 customer relations employees to handle returns and complaints. The call load may be overwhelming at times and that’s when the “robot” kicks in.

      I have made purchases from FN and returned items too.

      In the interest of transparency, I am a retired worker of Fashion Nova, and I do not get any favors for replying to your comment. I just want to bring out the truth which I witnessed myself, and to provide justice to one who had been working in his business since he was a teenager and became successful at it without being unfair to anyone.

      Jim of Los Angeles

    1. Danielle artist says:

      I’m going thru the same thing they sent my package to a Jewish person apartment. In return she puts it in the lobby in which someone stole it now I’m back in forth emailing them for them to say they have no responsibility to refunding my money because they said it was delivered it’s sad all I want is my stuff I don’t even want the money

  2. Johanne Britton says:

    Fashion Nova is a scam and if it were my company, I would be doing something about it. Over 2 months, no items, customer service are robots and their system says I received my order so I can’t even get my money back from Paypal.
    He may of had a good start but nobody remembers how you start, just how you finish.

  3. Shyika Latrice Sennett says:

    My mother placed her order on Nov. 24 and it makes no sense that you guys are behind delivering things around the Christmas holidays as though people don’t need their s***! I had to send tons of emails in order to get my refund and now this 74 year old woman cannot get her clothes for her grandkids! There has been no updated email sent to her, no email of expected shipment, no email stating what the delay is and she paid for 2 day shipping. Two day shipping does not mean when you decide to ship it will get it in 2 days it means once I place the order I expect to have my package two days later! This is now false advertisement this is now the second time this has happened to a family member actually have a third family member who has an account with y’all as well who’s waiting for some stuff and I’m about to start a class action suit like I promised!

    When will her order ship? She is 76 and items are for her grandkids!
    Shyika Sennett
    For: Janice Sennett order

  4. Fashion nova is a joke. Mr Saghian should be ashamed, havent recieved my dress I bought and they took my money already. But karma is a B and ppl who run companies like these always get bad juju in the end. A dishonest owner and company.

    1. Lea says:

      What is the BBB going to do? People get real, one bad experience over 500 successful orders and happy clients… People keep buying for a reason, the answer is simple if you don’t like the quality or service then don’t buy from them. Their $**T is reasonable for the money you pay, if you want better quality then be ready to pay more money and quit the whining.

  5. Tara Moses says:

    Nova Customer service, I did not received all of my order that I ordered over a month ago, I only received two out of the four items I received, also I sent an email stating I won’t a full refund due to not receiving my product in a timely manner, I will be forced to take legal actions if you do not comply and this is the second email I’ve sent implying about my order. I notice you do not have a contact number to talk to anyone about the complaints on customer orders and normally business like that is not legit and I will be reporting this matter to the Better Business Burea. I can’t believe Cardi B would associate herself with such scams people.

    Tara Moses
    Customer

    1. Lovla says:

      Everyone can complain about shipping time and customer service. If you want fast shipping and a boss to answer the phone shop at a small buisness. From one human to the next all small brands that are not designer are honestly fashionnova clothes that are overpriced. Seriously Ross sells $40 dollar jeans for $20 and the only reason people shop at fashionnova is for the brand name and to be tagged and get followers. Personally I didn’t take my time to shop Ross to compare fashionnova pieces. I can send you a link of the boutique that took time out of her day to tell her followers about the way fashionnova brands themselves. Yes I’m jealous but I would never want to be a boutique owner that doesn’t work everyday to help the buisness. What’s the point of owning a buisness that I can’t be part of? Do you want a package wrapped with love or from someone that can barely afford to pay there bills so they work for someone else? Always shop small please.

  6. Allie says:

    I would love to be part of a class action suite against Fasion Nova. It has been almost two months since they stole my money without receiving any merchandise.

  7. Christina Kosier says:

    I am a new customer of Fashion Nova. No complaints as of yet. I received two orders on time, and waiting on the third which is due to arrive on Monday. By the way, Fashion Nova execs won’t see any of the above complaints as this is a real estate blog. I only posted my comment so others will see I don’t view Fashion Nova in a negative light.

  8. Rebecca says:

    I have been ordering from Fashion Nova for years, if you pay attention you can see all of the improvements they have made. Yes, they were slow but did you see that it is because they opened a new warehouse? Since then, I’ve placed two orders and got my tracking information SO fast! I got my orders super fast as well… I think they are back on track now.

  9. Ms Williams says:

    I’ve ordered six times and large orders which I received quicker than nordstrom and my next day came the next day. I’m not saying they dont have problems but to date I have not had any.

  10. T. Richardson says:

    I was in the process of placing a order, I wasn’t ready to check out and the order went through anyway. I immediately inboxed on Facebook and called the 1-800 number and I was told there is no cancel option or no why to change my order. This is terrible and unacceptable. I will not be ordering from them again.

  11. Laverne Wester says:

    Hello

    I regularly order from your site and i love you products.
    But I have a question, I see a lot of products in this site http://bit.ly/Fasionstore that you also sell
    but there products are 40% cheaper, well my question is what is the difference between your webshop and theirs,
    it’s the quality or something else, I hope you can answer my question.

    greetings

  12. Wonderful work! This is the type of info that are supposed to be shared around the internet. Shame on Google for now not positioning this put up upper! Come on over and talk over with my website . Thank you =)

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