Israel most expensive home has been sold. Sources inform ''Globes'' that Playtech Cyprus Ltd. (AIM:PTEC) controlling shareholder Teddy Sagi bought the seafront house on Galei Techelet Street in Herzliya Pituah from Ma'ariv Holdings Ltd. (TASE: MARV) controlling shareholder Zaki Rakib for NIS 135-145 million. The deal was closed by Sagi's representatives.
Rakib and his wife 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. 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.
Published by Globes [online], Israel business news - www.globes-online.com - on December 23, 2010
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