Richard Saghian, the billionaire founder and CEO of Fashion Nova, has purchased two luxurious Miami Beach homes on North Bay Road for a combined total of $30 million. The deal, which closed on October 16, was confirmed by Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty, who represented the seller, Ami Shashoua.
Saghian, known for building the fast-fashion empire Fashion Nova, was represented by Maurice Boschetti of Boschetti Realty Group in this high-profile transaction. The properties, located at 5718 and 5725 North Bay Road, were listed together and sold as a package deal, with the larger of the two homes directly on Biscayne Bay and the smaller across the street.
The 5718 North Bay Road property, which Saghian plans to use as a vacation home, boasts stunning features. Built in 2022, the seven-bedroom estate offers eight full bathrooms, two half-baths, a wine cellar, a gym, a rooftop terrace, and a saltwater pool with a spa. A fishpond with stingrays and an oversized dock also add to the home’s unique appeal. The property sits on a waterfront lot that Shashoua initially acquired in 2010 for $3.35 million.