Fashion Nova owner buys Billionaire’s Beach home for $40M

Fashion Nova’s Richard Saghian with 22446 Pacific Coast Hwy (Getty, Google Maps)

Fashion Nova founder Richard Saghian paid $40 million for a home on Malibu’s Carbon Beach in an all-cash deal, The Real Deal has learned.

The beachfront home, located at 22446 Pacific Coast Highway, was asking $69 million in June and was owned by Lee Samson, founder of Windsor Healthcare Management. The 6,000-square-foot home with six bedrooms and seven baths sold for $6,500 per square foot, after asking $11,500 a foot. It is situated a third of an acre lot with 70 feet of beach frontage.

Gayle Pritchett of Pritchett – Rapf Realtors and Chris Cortazzo of Compass had the listing. Stuart Vetterick of Hilton & Hyland and Branden Williams of The Beverly Hills Estates represented Saghian in the deal. The buyers’ agents declined to comment.

Samson acquired the house in 2015 for $22 million. In June, it was listed for $69 million. The asking price was reduced to $59 million in September, then $49 million in December, according to Redfin. The deal closed this week.

The house is on an exclusive stretch of sand dubbed Billionaire’s Beach, which is known for its ultra-wealthy residents such as Larry Ellison, co-founder of Oracle, and entertainment mogul David Geffen.

Also called Samson Beach House, 22446 Pacific Coast Highway is the second major residential purchase for Saghian in nine months. In March, he made international headlines when he bought The One megamansion in Bel-Air for $141 million . It was reportedly the most expensive residential deal in an auction in U.S. history.

Samson tore down the original 1976 structure which stood at 22446 Pacific Coast Highway. Architect Richard Landry, well-known for designing mansions in Brentwood and Pacific Palisades, worked on the exterior which was inspired by the sculpture of artist Richard Serra.

Billionaire’s Beach homes have made headlines for their price tags. In 2018, Hard Rock Cafe co- founder Peter Morton sold his 6,900-square-foot Billionaire’s Beach home for $110 million. In 2021, Joe Simsolo, owner of Next Level Apparel, bought a 5,300-square-foot Billionaire’s Beach home, located at 21958 Pacific Coast Highway, for $56.5 million.