Richard Saghian has long been active on the SoCal real estate scene, where he’s known for investing in ultra-luxe properties. Back in 2022, the founder and CEO of the apparel juggernaut Fashion Nova famously doled out $141 million at auction for The One megamansion in the Bel Air neighborhood of Los Angeles. Less than a year later, though he already owned an oceanfront residence in Malibu , he splashed out another $40 million in an all-cash deal for a larger home along ritzy Carbon Beach.
Now he’s hoisted his first Malibu home, this one on coveted La Costa Beach, on the rental market, asking a hefty $59,000 per month . With four bedrooms and an equal number of baths spread across almost 3,800 square feet of fully furnished living space on two levels, the coastal spread offers more than enough room for any like-minded billionaire to relax in complete comfort and style. Saghian purchased the property from Netflix co-CEO Ted Sarandos and his wife Nicole Avant in spring 2021 for a speck over $14.
7 million in cash, which is $4.5 million more than the couple paid comedian and actor David Spade for the place in 2013. Saghian’s newly listed rental is secured from bustling Pacific Coast Highway behind a two-car garage and a gated entry that opens into a brick courtyard accented by a stone Buddha fountain and flowering bougainvillea plants.
There’s also a dark-bottom plunge pool and a cabana that’s equipped with a seated bar. Originally built in 1996, the Mediterranean-influe.