The property known as "The One" had originally listed at $295 million, but recently sold at auction for close to $141 million.
Richard Saghian, owner and chief executive of Fashion Nova, won the bidding war for the 105,000 square-foot home, according to The Los Angeles Times. The actual bid was $126 million but came out to $141 million with auction costs and commissions.
READ MORE: 'The One' mansion in Bel Air sets auction record
It has 21 bedrooms, 42 full bathrooms, a private theater and bowling alley.
Saghian, the 40-year-old owner of the fashion brand, has prospered from associations with stars such as Kylie Jenner, Lil Nas X and Cardi B and the company now exceeds more than $1 billion in annual sales, the Times reported.
According to the report, Saghian owns two other homes in Southern California that he purchased. for nearly $15 million and $17.5 million. The former is on a Malibu beach, the latter in the so-called Bird streets of the Hollywood Hills.
Saighian's previous home in Hollywood Hills had been involved in an attempted armed robbery last June. It led to a shootout that killed one suspect and left four others wounded, including Saghian's personal security guard. Saghian was not injured.
READ MORE: Botched robbery near Hollywood Hills home of Fashion Nova CEO leaves 1 dead, 4 injured
City News Service contributed to this report