Richard Saghian, a prominent figure in the Southern California real estate scene, is renowned for his penchant for acquiring ultra-luxurious properties. In 2022, the founder and CEO of the fashion empire Fashion Nova made headlines when he purchased The One, an opulent megamansion in Bel Air, for a staggering $141 million at auction. Less than a year later, despite already owning a Malibu beachfront  property, Saghian indulged in another high-profile purchase—a $40 million, all-cash deal for an even grander estate on the prestigious Carbon Beach. Now, Saghian is offering his first Malibu residence, situated on the coveted La Costa Beach, for rent at an eye-watering $59,000 per month.