HomeTex CEO seeks steep profit on $25M Beverly Hills spec house
Updated, Wednesday, December 7th, 10:14 a.m.: An entrepreneur with a textile company based in Pakistan is seeking a big return on Beverly Hills land he has held onto since the 1990s.
After demolishing his longtime family home and building a spec house several years ago, the family of Shoaib Kothawala, CEO of HomeTex Packaging, has listed the home at 1041 Laurel Way for $24.95 million, or $2,624 a square foot, The Real Deal has learned.
He purchased the original house on the site for a comparatively paltry $3.99 million, property records show.
The five-bedroom, 7.5-bathroom, 9,508-square-foot estate — billed as a “transitional contemporary” in the listing — has an outdoor kitchen and manicured grounds with a meditation garden. A whopping 400 ficus trees surround the property, giving it privacy.
“Million Dollar Listing Los Angeles” stars James Harris and David Parnes of The Agency have the listing, along with Jade Mills of Coldwell Banker.
Harris said the only remnant of the original home is a “magnificent fireplace.” The development process was led by the family owners, who put a significant amount of money into building it, he said. They also filled it with $1 million of furniture from Harrod’s.
“The house is move-in ready,” Harris said. “There is alligator fabric in the kitchen, on the cabinetry, there is a beautiful movie theater with suede wall coverings. The ‘hers’ closet is based off a Chanel changing room and the ‘his’ is based of a Tom Ford changing room.”
Harris said he is unsure whether the property will be featured on MDLLA.
“We haven’t started filming yet, but you never know who is going to want to be on it and who is going to want privacy,” he said. “About 50 percent [of buyers] don’t want to be on the show, so you have to sell 24 houses to fill 12 episodes.”
This article has been updated to include Jade Mills as co-listing agent.