Meet Fashion Nova's billionaire CEO who owns the biggest modern home in the US —a $126 million LA megamansion

• Richard Saghian is best known as the fashion mogul behind Fashion Nova, but he's also snapped up pricey real estate.
• Within a year, he bought a $40 million home on Malibu's "Billionaire's Beach" and shelled out $126 million for the biggest modern home in the US.
• Here's a look at his life and career.

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.

The billionaire exec has 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 at the time. "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:

According to Paper Magazine, Saghian was born in California to an Iranian-American family that operated a retail business.

Source: Paper Magazine

According to Saghian's LinkedIn, he founded Fashion Nova in 2006 and has served as the company's CEO since then. The first store opened in California's Panorama Mall.

Source: LinkedIn

Saghian, 41, has a net worth of $2.1 billion, according to Forbes estimates.

Source: Forbes

Fashion Nova is a fast-fashion brand based in Los Angeles. While the company manages a handful of brick-and-mortar stores, the business is largely based on social media-bolstered e-commerce sales.

Source: Paper Magazine

Saghian told Paper that the business has been fueled by social media engagement with influencers, models, and other "Nova Babes," especially on Instagram.

Source: Paper Magazine

"I realized early on, getting into the minds of my customers is what helped me grow," Saghian told Paper Magazine. "I don't think I would've been able to do it without all my retail experience from the brick and mortar days to the e-comm days."

Source: Paper Magazine

The brand has also engaged in notable celebrity partnerships with rappers Cardi B and Megan Thee Stallion.

Source: Paper Magazine

According to the Los Angeles Times, Fashion Nova enjoys annual sales of over $1 billion.

Source: The Los Angeles Times

Saghian has spent some of his Fashion Nova fortune on eye-catching real estate. Last year, he bought a Los Angeles megamansion called The One for $126 million at auction. After the auction premium and commission fees, his total came out closer to $141 million.

Source: Insider

The Los Angeles Times reported that buying The One could "make sense as a marketing tool for Fashion Nova, serving as a backdrop where its influencers could show off the company's affordable, of-the-moment designs."

Source: The Los Angeles Times

Designed by architect Paul McClean, The One boasts 21 bedrooms and 42 bathrooms.

Source: Insider

The home boasts features like a floating lounge ...

Source: Insider

... a private 50-seat movie theater ...

Source: Insider

... and a bowling alley.

Source: Insider

Other amenities at the home include a 10,000-bottle wine cellar, a 30-car garage, five swimming pools, a putting green, and a private night club.

Saghian also owns a Hollywood Hills residence on Blue Jay Way that McClean also designed.

Source: The Los Angeles Times, The Los Angeles Times

In 2021, the Blue Jay Way home was the site of a deadly shooting during an early morning armed robbery gone wrong, according to local news channel ABC7. Several people were injured and one suspect was killed after a shootout with Saghian's private security employees. Saghian was not at the scene at the time of the incident.

Source: ABC7

Saghian's latest addition to his real estate portfolio is a $40 million beach home on Malibu's exclusive "Billionaire's Beach." The 6,000-square-foot home originally listed for $69 million in June but was marked down first to $59 million in September, and then again to $49 million in December.

Source: The Real Deal