Hershey Friedman has bought Arza in Motza where Herzl planted a tree.
Canadian Jewish billionaire Hershey Friedman has purchased the Motza Arza complex near Jerusalem from Israel Land Development Company (TASE: ILDC), controlled by Ofer Nimrodi, which owns 50% of the lot, the Khakshouri Group (25%) and Avi Arenson (25%) for NIS 150 million before tax. The purchase was reported today by the Israeli company owned by Friedman.
"Globes" was the first to report last month that the Canadian billionaire was in talks to buy the property.
The 54 dunam (14.5 acre) lot is most famous because Theodore Herzl on his only visit to Jerusalem planted a tree there in 1898.
The Motza land is designated for 218 garden apartments of 150 square meters. Sales potential is believed to be NIS 650-700 million with each house selling for about NIS 3 million. Each plot is worth about NIS 711,000.
Published by Globes, Israel business news - www.globes-online.com - on October 19, 2010
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