Richard Saghian is best known as the founder and CEO of fast fashion company Fashion Nova, but he's also racked up some record-breaking real estate deals.The billionaire exec recently shelled out $40 million for a 6,000-square-foot home on Malibu's exclusive "Billionaire's Beach," The Real Deal reported.Less than a year prior, Saghian bid $126 million at auction for a Los Angeles megamansion. Nicknamed "The One," the 105,000-square-foot property is considered the biggest modern home in the US. Taking into account the auction premium and commission fees, he ended up paying closer to $141 million for the home."'The One' Bel-Air is a once in a lifetime property that can never be duplicated," Saghian said in a statement sent to Insider.
"There is nothing else like it. As a lifelong Angeleno and avid collector of real estate, I recognized this as a rare opportunity that also lets me own a unique property that is destined to be a part of Los Angeles history." Here's a look at Saghian's life and career: