FIGS Founders Spend $80 of Their Newfound Wealth on Brentwood Los Angeles Mansions
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FIGS Inc. is the first company to be taken public by two female co-founders. It is pre-IPO shares that can be bought and traded on Robinhood.
It is the first medical professional-targeted apparel to go public. If you want more of this content, please subscribe to the REH Real Estate Youtube channel and hit the notification bell.
The company, Fig, started in 2013 with sisters Rachel Hasson and Lia Spear. The company grew to a billion-dollar business when featured in magazines for its fashionable chambray scrub line.
2016 saw a spike in demand for healthcare related products from Figs and this caused revenues to soar by 222%. This led to earnings of $263 million, up nearly 400% in 2017, of which the net profit was over $57 million. Following the IPO, shares zoomed, reaching an all-time high of 36%, and Hasson and Spear each earned net worths of nearly $700 million.
Hasson and Spear made their fortunes with the Figs stock in late 2021, when it crashed by 72%. But both operating officers bought luxury Los Angeles real estate at the top of the market in 2021. Hasson sold more than $102 million of shares over four months during that time, while Spear sold about $65 million. With pockets full, it is no surprise to find out that both CEOs also hunted for high-end real estate near Hollywood Hills.
They found what they wanted. In December, Hasson bought a massive estate in Brentwood’s Mandeville Canyon, while Spear chose to purchase something less expensive in Brentwood’s ultra-posh Brentwood Park pocket.
The two most expensive all-cash home purchases in Brentwood were made by Hasson, paying $13 million and $15 million for homes on the Transverse Crown Ridge. The fourth-most expensive Westside home sale ever was made by Scooter Braun when he bought a property at Mandeville Canyon for $65 million, and the fifth-largest is Austin Russell’s purchase of a mansion at Palisades last year for $83 million.
Hasson’s new house was first put up for sale last fall and went for an eye-popping $64.5 million. The seller, Matt Wollman, made his fortune by manufacturing and distributing massage chairs.
Located deep inside of Mandeville Canyon, at the very end of a little-known road, the estate is secured by towering walls and massive driveway gates.
The L-shaped house with six bedrooms and eight bathrooms is impressive, originally built in 1993. It’s close to 12,000 square feet of living space.
The most magnificent gardens in the Westside of Los Angeles are on this $56.6 million property, which has a total assessed value of $72.4 million at 2755 North Cole Street.
In addition to the 6.22 acres of beautifully landscaped grounds, the Hasson estate is surrounded by 7 acres of undeveloped Santa Monica Mountains preserve, which means because of its location, it is essentially one giant park with no neighbors.
Inside we see brick walls, Tuscan-style arched doorways, and loggias. The property spans nearly 4,500 square feet.
The upstairs suite offers a marble bathroom with a private sitting room, a combined dressing room, as well a media room. There is also a children’s playroom and dining room that seats 22. The home is also equipped with many in-house amenities.
In the back, the pool is surrounded by mature olive trees. The property’s most astonishing aspect is a grassy lawn that spills out beyond to an underground conference room buried under the lawn and with “a towering vault door entrance” The space is “perfect for large meetings with state-of-the-art technology and security,” in spite of not being seen in photos.
Elsewhere on the property, there are vegetable and herb gardens, numerous bunches of fragrant lavender and rosemary, and an orchard with over 20 types of fruit trees.
Acres of meadows and grass transport visitors to a peaceful place far from Earth’s mortal sadness, or just anywhere in Los Angeles.
There is also a full-sized court for tennis and an enclosed viewing room for spectators.
Spear’s new Brentwood home includes six bedrooms and eight bathrooms with 11,000 square feet of living space. While the design is different from Hasson’s Mediterranean-style home, this mansion is an ultra-chic modern farmhouse, built in 2021 and designed by prolific Westside architect Ken Ungar.
Spear sits on a corner with tall gates. Many new neighbors to the neighborhood include Rick Caruso, billionaire Los Angeles mayoral hopeful who lives just a few doors away.
The unique floor plan of the master bedroom at Conde Nast’s Eighth Avenue penthouse encompasses a “gracious and casual living room,” in which contemporary chandeliers are found. The living room is located in close proximity to the pearl white dining room, with both of these rooms including fireplaces.
Incredibly clean and detailed ‘charmingly curved, fluted’ staircase giving guests a choice of the basement level or upstairs, to the main bedroom suite.
The kitchen was designed in collaboration with L.A.-based Adam Hunter Design, which has offices throughout the country.
The home’s principal room includes a sitting area, dual closets, and a bathroom lined in Calacatta Cielo marble.
The hotel also offers an on-site wellness center with a pool, massage room, and gym.
The soundproof screening room is beautified with blush-colored mohair seating.
The pool house offers a small, glass-walled room with a full bathroom. It also has an outdoor dining area with views of the fire feature in the large pool outside.
When FIGS Inc. went public on the New York Stock Exchange last year, they were the recipient of a number of “firsts.” They were the first pre-IPO shares made available to Robinhood traders. It was the first medical professional-targeted clothing company to go public. And it was the first time a company had been taken public by two female co-founders: co-COOs Heather Hasson and Catherine “Trina” Spear who, with backgrounds in fashion design and investment banking respectively, started FIGS Inc.
Although many people attribute the idea of Figs to Hasson, Spear and his partner helped come up with the idea, turned it into a viable business, and two years later, they launched their trendy line of fitted scrubs.
When Figs initially came on the market, demand for their product surged, driving revenue from $83m in 2015 to $263m in 2020. The company’s success helped the two owners, who each now have a net worth of $700m.
With their highly profitable company and bank accounts full, the CEOs have already cashed out and bought expensive real estate in Los Angeles. They’ve managed to sell more than $102 million of Figs stock and nearly $65 million worth of Spear stock since January 1st.
As for the fancier addresses, last December the Swartz purchased of a large estate in Brentwood’s Mandeville Canyon before Spear chose to go with a more conservative approach and dropped $23 million on a new home just minutes from Hasson’s.
The two deals were all-cash and ranked as the 2nd and 9th biggest Brentwood residential transfers for all of 2021, according to records. And Hasson’s big splurge is believed to be the third-most ever paid for a home on L.A.’s Westside – or at least west of the 405 freeway. The $65 million that Scooter Braun paid for another Mandeville Canyon home and the $83 million Palisades mansion bought last year by tech CEO Austin Russell are still ahead of it.
A new house on Dougharty Green was built last fall for $64.5 million and bought by Matt Wollman, a small-time entrepreneur who made his fortune through the manufacture of massage chairs.
Sitting in the depths of Mandeville Canyon, at the end of a little-known road, the estate is protected by large walls and massive driveway gates.
The L-shaped house impresses, as it was originally built in 1993 and includes nearly 12,000 square feet of living space.
But it really best portrays its value on the outside. The estate boasts that it “has a magnificent garden” and the listing is perhaps not an exaggeration, but only because homes in the area are worth more than others.
In addition to 6.22 acres of impeccably manicured grounds, Hasson’s estate is surrounded by 7 additional acres of the undeveloped Santa Monica Mountains preserve, meaning that the place is essentially one giant park with no neighbors.
Even though the listing doesn’t include exterior photos, it is obvious that the homes are traditional Tuscan-inspired style with numerous patios, loggias and at least one outdoor fireplace.
The master suite of this San Francisco penthouse has marble and limestone in the bathroom, a private sitting/relaxing area, dual dressing rooms, media room, children’s playroom and formal dining room seating 22.
You can walk out back and see olive trees. Beyond that, you reach the first greenspace of the property. From this perspective, the property even includes an underground conference room, buried underground with a huge vault door entrance to create security. Though not shown in photos, this conference space is ‘equipped with state-of-the-art technology and security.’
Elsewhere on the large property are vegetable gardens, greenhouses, and clusters of aromatic herbs, flowers, and trees.
It takes visitors off of their Earth-bound sadness, or maybe just a place away from the city of LA. Acres of meadows and grass take people to somewhere else that’s really quite different from what they have back home.
You can also enjoy playing tennis on a full-size court with a variety of lighting options and spectators in the facilities.
The Brentwood mansion is a modernized farmhouse designed by renowned Westside architect Ken Ungar, with six bedrooms and eight bathrooms. The place also comes fully equipped with any gadget known to mankind.
Spear’s two-tone exterior sits behind tall gates that surround the property. One of Spear’s closest new neighbors is a billionaire (and L.A mayoral hopeful) Rick Caruso, who lives just a few doors down the street.
Renovation to feature a “gracious and casual floorplan,” with plush interiors and furnishings arranged in soothing colors and styles. The living room includes a fire place, the dining room a large chandelier that likely cost more than the average new Kia.
The staircase alternates in a delicate curve from the basement level to the main bedroom level.
The interiors of Waterworks, a gourmet restaurant in Los Angeles, were conceptualized and executed by L.A.-based Adam Hunter Design.
In the suite, there is a sitting area with its own entrance, dual closets and a bathroom slathered in Calacatta Cielo marble.
More amenities offered here than a hotel spa or gym, such as a poolside massage room and a full-gym.
The backyard features a negative edge swimming pool and the entire back yard is surrounded by glass, providing you with ample opportunities for entertaining guests. The pool house provides a full bathroom and an outdoor dining pavilion.
With its recent stock market debut, FIGS has changed the way healthcare apparel is bought and sold. Robinhood’s recent promotion of the company generated more buzz to come public.
The founders of FIGS, a healthcare startup, launched the company at $22 a share. The stock price is now over $4 billion and gets its valuation from the strength of its co-founders, who already have made millions on their equity stake in the company.
With more than $700 million in combined equity, co-founders Trina Spur and Heather Hasson are poised to profit from the growing healthcare industry. Revenue from the IPO will go towards NPC’s expansion into new markets, their value reinforced by the strong demand for healthcare services.
With the IPO coming in, stocks are skyrocketing for companies such as Spear and Hasson. One of the largest investors in FIGS, Thomas Tull, has shares worth $478 million.
Founded in 2013, FIGS is looking to disrupt the $10 billion medical scrubs market by making versions that are not only attractive but comfortable too. Spear and Hasson, a former Wall Street investment banker and an entrepreneur in the fashion industry, have come together to create FIGS after Hasson discovered doctors were dissatisfied with traditional scrubs. Hasson didn’t start off as a doctor but moved into fashion before she realized her friend needed alterations on her clothes before she could wear them where she worked as a nurse. After doing alterations on more nurses’ clothes, Hassons realized therapy had a business idea on their hands.
Pandemic proved to be a boon for the company: Last year, revenue more than doubled to $263 million, while the company made nearly $50 million in profit. FIGS was barely breaking even before that point, despite growing popularity among healthcare professionals. Unlike most apparel industries, healthcare apparel is comparatively fad and recession-resistant, likely boosting confidence among investors.
As Heather was going out to get coffee with her friend at the nurse practitioner, the former med student wondered if she would be comfortable wearing what they both wore. They both wore dull, rough scrubs and showed off their size. The outfit looked terrible on Heather and was distracting to look at in person.
Hasson reminisced, “I’m looking at her thinking: ‘You make a decent amount of money. Why are you wearing these?’” She considered all the brands reinterpreting functional athletic attire, such as Nike and Lululemon, and wondered why medical wear remained in the dark ages.
Hasson and Spears started out looking for a place that sold the hooded scrub suit they needed, but even worse, they walked into a small fluorescent-lit shop filled with wheelchairs, canes, and basically one brand of scrubs. It was the most terrible experience.
With a needle and thread in hand, Ms. Hasson added inseams at the shoulder, a fitted waist, and elastic to hold up the pants instead of having a drawstring. At her hospital (Cedars-Sinai Medical Center in Los Angeles) where her co-workers took notice and liked what they saw.
Then their business grew rapidly and other italian restaurants followed suit, asking for the same services Hasson was providing. With that realization, 6 years ago, she realized what she had found.
One year later, she and a friend, Trina Spear cofounded FIGS, a direct-to-consumer line of fashionable, functional medical clothing for men and women. The goal? Revolutionize an industry worth $10 billion in the US, and $50 billion worldwide. One in 10 people in the US wears scrubs.
When the duo initially created their fashion brand, they did so as a side business. They often traveled to medical centers with their pop-up store and produced clothing for doctors and nurses during these stops. Within weeks, these doctors, nurses, and assistants were lining up for them.
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