Thursday, December 23, 2010
Israel's most expensive home sold for NIS 135m
Rakib and his wife Vivian bought the house in early 2005 from Jewish Austrian gambling tycoon Martin Schlaff for $24 million (NIS 105 million at the time). The Rakibs are making a 38% return on the investment in less than six years. Rakib, best known at the time as the founder of high-tech firm Terayon, bought an option on the house for $4 million in January 2005, but only exercised the option in early 2009 for an additional $20 million. That was the most expensive home purchase in Israeli history at the time.
The 2,000-square meter house is on a two-dunam (half-acre) lot on Israel's most expensive street with residents such as Bank of Israel Governor Stanley Fischer or U.S. Ambassador James Cunningham. It includes a sealed room, fitness room, wine cellar, private swimming pool, and elevator to the Mediterranean. Schlaff bought the house in 1994 for $7 million.