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Home » Style Nova CEO Drops $14.7 Million on Ted Sarandos’ Malibu Retreat

Style Nova CEO Drops $14.7 Million on Ted Sarandos’ Malibu Retreat

When Ted Sarandos and Nicole Avant put their Malibu residence up on the market in April, the hefty $15 million price ticket appeared prefer it would possibly preclude a fast sale. Not so — the oceanfront La Costa Seaside property went like proverbial hotcakes, promoting in solely two weeks for $14.7 million, all-cash. That’s $4.5 million extra than the couple paid for the place in 2013. However it took a while for the spendy purchaser’s identification emerge — he’s Richard Saghian, the enigmatic proprietor and founding father of Instagram-famous attire juggernaut Style Nova.

For these not versed within the extremely profitable depths of Instagram advertising and marketing, Style Nova is arguably the social media community’s largest success story and a pioneer of the controversial “quick trend” motion. The cut-price attire model — recognized primarily for its daringly risqué outfits and huge array of kinds and cuts — turned an in a single day phenomenon due to early endorsements from megastars like Cardi B, Kim Kardashian, Kylie Jenner and different prime influencers. Cardi B is such an enormous fan of the model, having talked about it in a number of songs, that she and Saghian collaborated to launch the Cardi B x Style Nova attire assortment, which reportedly raked in $1 million in gross sales on a single day.

Style Nova’s success has additionally spawned a slew of copycat rivals within the “fast-fashion” realm it created, a lot to the consternation of some environmentalists. Followers of the corporate, nonetheless, level to the model’s inexpensive value factors, noting that the L.A.-based firm affords couture-style outfits at a mere fraction of the worth different designers would cost.

Saghian’s new Malibu digs have a little bit of a celeb pedigree. Sarandos and Avant purchased the home from actor David Spade, who had renovated the Mediterranean villa-style residence throughout his possession. In-built 1996 and secured from bustling Pacific Coast Freeway behind a windowless wall, the mini-estate features a brick courtyard accented by a stone Buddha and flowering bougainvillea crops, plus a dark-bottomed plunge pool and wee cabana with its personal bar.

The primary home spans about 3,800 sq. toes with a number of units of glassy French doorways spilling out to oceanside balconies. There are al fresco eating loggias, high-ceilinged public rooms, and a kitchen with top-of-the-line Viking home equipment. A skylit staircase ferries residents to the higher degree, the place the grasp retreat sports activities a vaulted ceiling, personal balcony and beautiful whitewater views.

Sarandos, the co-CEO of Netflix and Avant, the Motown heiress and former U.S. Ambassador to the Bahamas, nonetheless personal a $34.2 million property up north in Montecito, which they bought from Ellen DeGeneres and Portia de Rossi in 2018. However their fundamental residence stays a relatively beautiful Gothic-meets-Italian Revival-style mansion in L.A.’s Hancock Park neighborhood, bought for $16 million in 2015 from Melanie Griffith and Antonio Banderas.

As for Saghian, his fundamental residence stays a $17.5 million mansion in L.A.’s Fowl Streets space, excessive within the hills above West Hollywood. Designed by Paul McClean, that home was beforehand owned by the late DJ Avicii and options jetliner views of your entire L.A. basin. It was on the Fowl Streets property the place earlier this yr a theft suspect was killed in a shootout with Saghian’s bodyguards.

Jonah Wilson of Hilton & Hyland and Chris Cortazzo of Compass collectively held the itemizing; Stuart Vetterick of Hilton & Hyland and Branden and Rayni Williams of The Beverly Hills Estates repped the customer.

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