Tel Aviv District Court Judge Eitan Orenstin has approved the sale of the house owned by the foreclosed Fore Group founder Moshe Shushan in the north Tel Aviv neighborhood of Zahala to a Belgian diamond merchant for NIS 20.5 million. Israel Discount Bank (TASE: DSCT) petitioned the court to approve the sale by Fore Group receiver Adv. Hanit Nov.
The property is a 643-square meter eight-year old house on a 1,100-square meter lot at 15 Avner Street. The house has two floors, a basement, swimming pool, and Jacuzzi. Assessor Yigal Abramov valued the house at NIS 24.2 million or NIS 20.57 million in a forced sale.
The sale is part of the debt settlement of Fore Group Management and Investments Ltd., owned by brothers Moshe and Eli Shushan and brothers Dov and Gad Slook, which the court approved in December 2013. In April, Judge Orenstin approved the sale of Eli Shushan's house in Zahala for NIS 13.1 million.
The Fore Group's debt totaled $65 million. Under the debt settlement, assets in Israel and overseas of the company's owners, worth $30 million, would be sold to defray the debt. Still up for sale is Eli Shushan's 460-square meter house on a 2,000-square meter lot in the upscale seashore community of Arsuf, near Herzliya. The Shushan brothers are cooperating with the receiver to sell their assets as part of the debt settlement that they initiated in July 2013.
Published by Globes [online], Israel business news - www.globes-online.com - on May 7, 2014
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