Thursday, December 23, 2010

Israel's most expensive home sold for NIS 135m

Israel most expensive home has been sold. According to informed sources Playtech Cyprus controlling shareholder Teddy Sagi bought the seafront house on Galei Techelet Street in Herzliya Pituah from Ma'ariv Holdings controlling shareholder Zaki Rakib for NIS 135-145 million ($37 to $40m). The deal was closed by Sagi's representatives.

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.

Source Globes

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