When Ted Sarandos and Nicole Avant put their Malibu home up for sale in April, the whopping $15 million price tag looked like it might preclude a quick sale. It’s not – this oceanfront La Costa Beach property has become like a hot cake, selling in just two weeks for $14.7 million, all in cash. That’s 4.5 million dollars more Which drove the couple for the spot in 2013. But it took a while for the identity of the spender buyer to emerge — it’s Richard Sagian, the mysterious owner and founder of the Instagram-famous Nova ready-to-wear fashion.
For those unfamiliar with the highly lucrative depths of Instagram marketing, Fashion Nova is arguably the social network’s biggest success story and a pioneer in the controversial “fast fashion” movement. The discount clothing brand—primarily known for its bold outfits and wide range of styles and cuts—became an overnight phenomenon thanks to early endorsements from big stars like Cardi B, Kim Kardashian, Kylie Jenner, and other major influencers. Cardi B is a huge fan of the brand, having mentioned it in multiple songs that she teamed up with Saghian to launch the Cardi B x Fashion Nova clothing line, which is said to have generated $1 million in sales in a single day.
Fashion Nova’s success has also generated a slew of copycat competitors in the “fast fashion” world it has created, much to the consternation of some environmentalists. However, fans of the company point to the brand’s reasonable price points, noting that the Los Angeles-based company offers couture-style clothing at a fraction of the price other designers would charge.
The new Sagian excavations in Malibu have a few celebrity pedigrees. Sarandos and Avant purchased the home from actor David Spade, who renovated the Mediterranean villa-style home during his tenure. Built in 1996 and secured from the bustling Pacific Coast Highway behind a windowless wall, the small estate includes a brick patio surrounded by stone Buddhas and flowering bougainvilleas, as well as a dark-bottomed plunge pool and small cabana with its own bar.
The main house spans over 3,800 square feet with multiple sets of glass French doors extending to ocean-side balconies. There are al fresco dining, public rooms with high ceilings and a kitchen fitted with the latest Viking appliances. A suspended staircase transports residents to the upper floor, where the main resort features a vaulted ceiling, a private balcony, and stunning white water views.
Sarandos, the co-CEO of Netflix and Avant, Motown heiress and former US ambassador to the Bahamas, still owns a $34.2 million property north in Montecito, which they bought from Ellen DeGeneres and Portia de Rossi in 2018. But their primary residence remains A stunning Gothic-meets-Italian mansion in Los Angeles’ Hancock Park neighborhood, it was purchased for $16 million in 2015 from Melanie Griffith and Antonio Banderas.
For Saghian, his primary residence remains a $17.5 million mansion in the Bird Streets of Los Angeles, high in the hills above West Hollywood. Designed by Paul McClean, this home was owned by the late DJ Avicii and features views of the entire LA Basin. It was on the Bird Streets property that earlier this year a robbery suspect was killed in a shootout with Saghian’s bodyguards.
Joining the list is Jonah Wilson of Hilton & Highland and Chris Cortazzo of Compass; Stewart Veterick of Hilton & Highland & Branden and Rainey Williams of The Beverly Hills Estates represented the buyer.
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