Terayon chair Zaki Rakib buys Israel’s most expensive house

The home in Herzliya Pituah was sold for $22 million by Austrian businessman Martin Schlaff.

The “Yediot Ahronot” Hebrew daily reports that Israel’s most expensive house was sold for over $22 million. Austrian-Jewish businessman Martin Schlaff, one of the owners of the casino in Jericho, sold the luxury house, located on Galei Techelet St. in Herzliya Pituah, to Vivian and Zaki Rakib, among the founders and owners of Terayon Communications Systems (Nasdaq: TERN).

Schlaff is considered a confidant of a number of Israeli prime ministers, including Prime Minister Ariel Sharon, as well as leading figures in the Palestinian Authority. He bought the land for the house in the 1990s from the Canadian embassy in Israel for $6.5 million. The house took five years to build. The garden is on a cliff overlooking the sea. The house itself occupies one dunam (0.25 acres), with a seawater pool nearby. The house is equipped with the most modern electronic devices, and also has an atomic bomb shelter.

The house was put on the market over eighteen months ago, but Schlaff was unable to obtain the price he wanted. The Weissglas-Almagor law firm represented the sellers, Adv. Arieh Hagai represented the buyers, and Adv. Yaakov Bardugo advised both parties.

Published by Globes [online] - www.globes.co.il - on January 24, 2005

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