The lot is zoned for a 300-sq.m. house.
Adv. Amnon Lorch, of the Yigal Arnon & Co. law firm, was appointed receiver of a 1.4-dunam (0.35-acre) seafront lot in Arsuf last week. The lot is zoned for a 300-sq.m. house. The lot is worth an estimated $5 million.
Israel Discount Bank (TASE: DSCT) had a lien on the property from Mizpeh Arsuf. The Jerusalem Bailiff's Office foreclosed the lot, due to the company's accumulated debt.
A local businessman bought a similar1.4-dunam (3.5-acre) seafront lot in Arsuf for $4.5 million in September 2004. The buyer will invest $2 million in building a luxury 550-sq.m. house on the site.
Published by Globes [online], Israel business news - www.globes.co.il - on February 20, 2005