Fashion Nova founder joins 'Billionaire's Beach' with all-cash purchase of $40 million Malibu property — a 20-minute drive from his $126 million Bel-Air mega-mansion

• Fashion Nova founder Richard Saghian is now a resident of Malibu's exclusive Billionaire's Beach.
• Saghian paid $40 million in an all-cash deal for the Malibu beachfront home.

Fashion Nova founder Richard Saghian reportedly paid all cash for a $40 million Malibu home, establishing himself as the newest resident of the exclusive area known as "Billionaire's Beach"

The 6,000-square-foot beachfront property is located on Malibu's Carbon Beach and boasts six bedrooms and seven bathrooms, according to The Real Deal.

The property, which was previously owned by a health care mogul, encompasses 70 feet of beach frontage along with the third-0f-an-acre property.

Saghian's Malibu home comes on the heels of his March 2022 purchase of "The One," a 105,000-square-foot megamansion located in the affluent Los Angeles neighborhood of Bel-Air, Insider's Áine Cain reported. The property, which sold for $126 million, is the largest modern home in the US.

According to the listed addresses for both properties, Saghian's new home is just a 20-minute drive from his megamansion in Bel-Air.

"There is nothing else like it," Saghian said in reference to "The One" in a statement to Insider in March. "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."

The fashion executive secured his new Malibu home for $20 million less than its June asking price of $69 million, according to The Real Deal. The listing was lowered to $59 million in September, then $49 million in December, per Zillow.

The previous owner, nursing home mogul Lee Samson, bought the property for $22 million in 2015 and worked with architect Richard Landry to redesign the modern home, which was originally built in 1976, the Zillow listing says.