Richard Saghian Of Fashion Nova Purchases Waterfront Home From Ami Shashoua For $30M In Miami Beach

The assets involved in this transaction include two properties located at 5718 & 5725 North Bay Road in Miami Beach. The sale price for the combined properties was $30,000,000, encompassing a total of 7,800 square feet, which results in a price per square foot of $3,846. The market for this transaction is in Miami Beach, which is known for its luxury real estate offerings.

Summary of transaction details:

• Property Type: Single Family
• Transaction Amount: $30,000,000
• Buyer: Richard Saghian - Fashion Nova
• Seller: Ami Shashoua
• Buyer's Representative: Maurice Boschetti - Boschetti Realty Group
• Seller's Representative: Nelson Gonzalez - Berkshire Hathaway HomeServices EWM Realty
• Sale Date: 10/16/2024
• Square Footage: 7,800
• Price Per Square Foot: $3,846

Richard Saghian, the CEO of Fashion Nova, purchased the properties through an all-cash deal from Ami Shashoua, a fintech executive. The transaction was finalized in just 10 days, reflecting a swift closing process. Saghian intends to use the waterfront property as a vacation home, indicating a personal investment into this acquisition.