Russian oligarch builds biggest private estate in Israel

"Yediot Ahronot": The oligarch bought five villas for $11 million and demolished them.

"Yediot Ahronot" reports that Benjamin Netanyahu and Arcadi Gaydamak are to get a new neighbor in Caesarea. A Russian oligarch purchased five villas and demolished them to make way for the largest private estate in Israel.

According to the report, the five properties, occupying a total of 11 dunams (2.2 acres) of land, were purchased by a woman of Russian origin reportedly on behalf of a Russian oligarch. Local realty brokers say this is the largest ever purchase of property in one transaction.

The estimated cost of the purchase of the villas totaled more than $11 million, with the cost of building the new estate estimated at $50 million. According to one of the contractors on the project, the estate will include a swimming pool, tennis court and gardens like those in the Versailles Palace.

Published by Globes [online], Israel business news - www.globes.co.il - on February 21, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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