Even as he seeks a debt settlement with bondholders of Tao Tsuot Ltd. (TASE: TAO-M) involving a haircut of up to 60% of the debt, Ilan Ben-Dov plans to build a mansion in Kfar Shmaryahu on over 5 dunam (1.25 acres) that he bought in August 2010.
Ben-Dov's application for planning permission was approved in June by the local Planning and Building Committee in Herzliya. He intends to build a one-story residence with a basement, air-raid shelter, swimming pool, roofed garage, pergola, and fences. This is new construction from the ground up, and it was approved without concessions or exceptions to building regulations.
The plan extends over several plots owned by Ben - Dov that will be consolidated, between Hatsivonim, Hatamar, and Hazorea streets. According to the plan, the built floor area of the house will be 1,173 square meters; the area of the swimming pool will be 100 square meters; and the area of the basement will be 800 square meters. The area of the shelter will be 37.5 square meters, and the garage 102.6 square meters.
The land is estimated to have cost Ben-Dov NIS 50 million, and the construction cost is estimated at some NIS 90 million. Ben-Dov currently resides in the Afeka neighborhood of North Tel Aviv. He also owns three apartments in the Manhattan Tower in the Park Tsameret neighborhood of the city, one of which, a penthouse estimated to be worth NIS 17 million, is rented at about NIS 36 thousand a month.
Published by Globes [online], Israel business news - www.globes-online.com - on July 17, 2011
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