Though Fashion Nova founder Richard Saghian's $141-million offer for the mega-mansion known as "The One" was the high bid at a bankruptcy auction this month, it may not be enough to close the deal.
The event was held within a week of Russia's invasion of Ukraine, and creditors disappointed that the winning bid was less than half the home's $295-million list price are asking U.S. Bankruptcy Judge Deborah Saltzman for a do-over.
"It cannot be that the fear of this war and with the potential for World War III ... did not impact (the) bidding auction process," Hamid Rafatjoo, the attorney for The One's developer, Nile Niami, said at a Friday hearing. "That war scared everyone."
