The price procedure for the sale of 10 prestigious buildings in Tel Aviv was completed today with an offer in the amount of 540 million US dollars. The group that won the auction is part of the Michakashvili family, which will buy the buildings from the buyer after a dispute between different parts of the Michakashvili family.
The list of properties includes some of Tel Aviv’s most important historical buildings: the Ismayilov Hotel, located in 1925 at the intersection of Montefiore and Yavne Streets and famous for its art nouveau architecture and design; Beit Michakashvili on Eilat Street, which serves as the first courthouse of the Tel Aviv District Court; and Nahalat Binyamin, an apartment on Balfour Street, Ben Yehuda Street, Rothschild Boulevard, Herzl Street, Chen Boulevard, and a number of lots on Wingate Street in Herzliya Pituah.
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Among those who bid for the properties but did not win the auction were Toyota car importer George Horesh, who came in second place, Kidan Dahari and Yaron Adiv, owners of Ispro Group and Tnuport, in third place, and Maor Malul of the Israel-Europe Investment Group, along with the singer. In fourth place, Omar Adam and real estate businessman Yaakov Bar. Other claimants included the Aboulafia family and a group led by real estate developer Rafi Nechustan. The auction started at NIS 300 million and reached NIS 540 million, making it one of the largest real estate deals in recent times for some of Tel Aviv’s most famous buildings.
The valuation proceedings were carried out by the law firm Mazor, Hakim, Beit Halachmi & Co, acting as joint receivers and liquidators following a protracted family dispute between various parts of the Michakashvili family in the Tel Aviv Family Court.
Globes, Israel business news – en.globes.co.il – published on September 9, 2024.
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