The renowned department store had gone into administration until Ashley's intervention, which resulted in him buying the entire group, all of its stores, stock and branding.
Ashley will now take charge of all of House of Fraser's 59 UK stores and has already vowed to rebuild it has the 'Harrod's of the High Street.'
While the 17,500 people who are employed by House of Fraser will be pleased that they still have a job, there is one large group of people who haven't greeted this news with too much enthusiasm.
Ashley is the less than popular owner of Newcastle United Football Club where he has earned himself a reputation for not spending much money on new players.
As an example, their most expensive transfer this summer was Yoshinori Muto who cost £9.5m from Mainz, which is nothing in today's over-inflated transfer market.
While most fans probably don't care a great deal about Ashley's business ventures, the fact that he decided to spend so much money on House of Fraser, the day after the transfer window slammed shut has irked a lot of followers of the Toon Army.
Gutted for Rafa and Newcastle fans this window. Did an incredible to get them 10th place last season, total lack of… https://t.co/knBjfq7j0x