Richard Saghian, the billionaire founder and CEO of Fashion Nova, paid $30 million for a waterfront spec home and non-waterfront house in Miami Beach, The Real Deal has learned.
Ami Shashoua, a fintech executive and spec home developer, sold the waterfront house at 5718 North Bay Road and the non-waterfront home across the street at 5725 North Bay Road to Saghian in an all-cash deal, sources told TRD.
The fashion company mogul plans to use the waterfront house as a vacation home, his broker confirmed to TRD. Saghian and his online fashion company are based in California. Saghian recently paid $118 million for a new Beverly Hills headquarters. He’s worth about $1.3 billion, according to Forbes.
Maurice Boschetti of Boschetti Realty Group represented the buyer. Nelson Gonzalez of Berkshire Hathaway EWM Realty International represented the seller. The sale closed within about 10 days of Saghian making an offer, though Saghian had previously looked at the property.
Shashoua is buying a condo at Five Park in Miami Beach and will be investing in other properties, Gonzalez said.
Shashoua listed the waterfront property for $76.5 million in February 2023. It was on and off the market, most recently asking $34.9 million. Together with the non-waterfront home, the properties were asking just shy of $39 million.
Boschetti said his client was “looking for a prime location and the best view” in his search for a Miami Beach vacation home.
The 7,800-square-foot waterfront house has wide bay views with 75 feet of frontage overlooking the mainland. It has seven bedrooms, seven bathrooms, two half-bathrooms, a home theater, wine cellar, fish pond, gym, cabana, wet bar and home elevator. It includes a four-car garage, generator and a saltwater pool, according to the listing. It was built in 2022.
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The 0.4-acre property previously sold in 2010 for $3.4 million. Shashoua also previously had it on the market for rent, asking $350,000 a month.
The non-waterfront home, asking $5.5 million, spans 3,167 square feet with four bedrooms, four and a half bathrooms and a two-car garage. It was fully renovated, and a new pool and spa were added, according to the listing. Shashoua paid $2.8 million for the 0.2-acre property in 2022 via an LLC, records show.
The deals, which closed late Tuesday, add to recent sales activity on North Bay Road. On Monday, David and Victoria Beckham closed on their $72.3 million purchase of the waterfront spec mansion at 4736 North Bay Road.
Saghian owns a handful of homes in Southern California, including two homes in the Hollywood Hills, two Malibu beach houses and The One in Bel-Air. Saghian acquired the latter at auction for $141 million in 2022. It totals 105,000 square feet and is being renovated.