Tel Aviv District Court Judge Eitan Orenstin has assumed the foreclosure process of Mordechai Zisser's house in Kfar Ganim in Petah Tikva, and put the property in the receiver's hands.
In August, Bank Leumi (TASE: LUMI), which gave Zisser a mortgage to buy the house, initiated bailiff's proceedings to recover the NIS 15.5 million debt. The court documents state that the value of the house, after investments in it, is NIS 71 million, well above Zisser's debt to the bank.
"We are dealing with a very substantial difference, which raises concern that Bank Leumi lacks an interest in maximizing the price of the property to its value, or close to it, and that it will seek a rapid sale in order to recover the debt," stated Orenstin in his decision.
Europe-Israel MMS Ltd., through which Zisser controls real estate company Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT), owes Bank Hapoalim (TASE: POLI) NIS 1 billion.
Zisser's house at 49 Yad Habaim Street in Kfar Ganim has 3,000 square meters of built-up space on an eight dunam (two acre) lot. The house has a security system, 30-meter swimming pool, private cinema, mikve, and synagogue.
Published by Globes [online], Israel business news - www.globes-online.com - on September 9, 2013
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