Cosmetics magnate Babak Moini sells Mosman trophy home for mega profit

Cosmetics magnate Babak Moini has sold his trophy home on Sydney’s lower north shore for more than $14 million.

The co-founder of Laser Clinics Australia offloaded the contemporary property on Muston Street in Mosman for $14.6 million earlier this month.

Moini bought the home in 2015 for the significantly less sum of $6.49 million.

Described as having “one-of-a-kind design elements”, the home was designed by Fox Johnston architects Emili Fox and Conrad Johnston.

This ranges from the glass framed entrance with floating central staircase, oversized slab tiles, a mosaic wall and a Juliet-style covered balcony.

SOLD - $14,600,000

99 Muston Street, Mosman NSW 2088

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The home also boasts five king- sized bedrooms with “three sophisticated ensuites”, a family bathroom with a sunken bath and a guest powder room.

The kitchen features an “immense natural marble island” and has stainless and custom vinyl surfaces and Miele appliances.

Outdoors, the luxury property has a curated garden, synthetic lawn for ease of maintenance and a lap pool.

Moini exclusively told The Australian Financial Review he was selling because Mosman no longer felt like home.

“Mosman was no longer the right area for me, Barangaroo is much more social,” he said.

“I have a dozen friends in the building, and here I am out six nights a week. In Mosman, I was only out one night a week.”

He added: “Mosman people tend to keep to themselves, it’s a retirement village for the well-off.”

The Muston Street home was sold through a private sale.

Moini paid $22 million in 2021 for a north-east-facing apartment in Crown’s One Barangaroo tower.

He has focused on property investment since 2017 when KKR, one of the world’s largest investment firms, bought Laser Clinics Australia for more than $600 million.

Since then, Moini has invested in property across the inner-west suburbs of Sydney.

One of his first purchases was a dilapidated warehouse in Rozelle. He bought the property in 2017 for $3.5 million before redeveloping it into luxury townhouses. 

One of the renovated homes was sold to YouTube gamer Lannan Eacott (aka LazarBeam) for $3.6 million.

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