Sources inform ''Globes'' that Empire Online Ltd. (AIM:EOL) controlling shareholder Noam Lanir has bought a lot in Moshav Bnei Zion in the Sharon area for $4 million. Empire Online was floated on London’s Alternative Investment Market (AIM) at a company value of $1 billion a month ago.
Lanir, a resident of Ramat Hashavim, recently negotiated to buy a different lot in Bnei Zion, but the negotiations broke down. A few weeks later, he bought a lot next door to Shari Arison.
Lanir bought a 20-dunam (five-acre) farm. The lot is divided into three parcels; Lanir can build a 580-sq.m. house on one three-dunam (0.75-acre) parcel. Lanir will probably ask the Israel Land Administration (ILA) for an exception to build a larger house, in exchange for payment to the ILA, a normal practice at Bnei Zion. Lanir will also enjoy a two-dunam (half-acre) yard next to the house and a fifteen-dunam (3.75-acre) farm.
The sellers, a local family, sought to sell the property for a long time, but were asking an exorbitant price, 50% above the farm’s value, estimated at $2.5 million.
In recent years, Bnei Zion has been considered a home for Israel’s wealthiest families, mostly because Shari Arison bought a house there eight years ago. She paid $800,000 for the lot, boosting properties values in the moshav.
Published by Globes [online], Israel business news - www.globes.co.il - on September 13, 2005