Roman Abramovich buys Herzliya home for NIS 226m - exclusive

Roman Abramovich and Herzliya home  / Photo: Eyal Izhar, Globes
Roman Abramovich and Herzliya home / Photo: Eyal Izhar, Globes

Israel's most expensive-ever residential real estate sale was completed just before the coronavirus crisis, a source close to the deal has told "Globes."

Exclusive: Just before the coronavirus crisis began, Israel's most expensive-ever residential real estate sale was completed, a source close to the deal has told "Globes." Russian-Israeli billionaire Roman Abramovich has bought a property in Herzliya Pituah for NIS 226 million ($64.5 million). The property is bounded by Hanassi Ben Zvi Street, Shlomo Hamelekh Street and Basel Street. Abramovich has bought land covering 2.375 acres, or 9,500 square meters.

The main part of the property is a house formerly belonging to British hedge fund manager Alan Howard, cofounder of Brevan Howard Asset Management. He bought the home in 2006 from Lenny Recanati for $9 million.

Howard spent enormously in enhancing the property, expanding the lot from 6,500 square meters to 9,500 square meters and constructing two impressive buildings designed by architect Orly Shrem. The smaller of the buildings is a 1,000 square meter guest house at 93 Hanassi Ben Zvi Street and the larger, the main property, is a 2,000 square meter house next door at 95 Hanassi Ben Zvi Street. The estate includes a tennis court, and swimming pool on a hydraulic platform that can be converted into a guest area for events. The house's basement includes work stations for 10 computers and there is also an entrance to the house from Shlomo Hamelekh Street.

The property was for sale for two years for $100 million but there were no takers. Last year, Abramovich rented the property with an option to buy. At the end of January the purchase deal for the property was signed. Although it does not yet appear on the Israel Tax Authority website, the Israel Land Registry does have a warning note in its forms that the four lots comprising the property are to be in Abramovich's name.

This is the third property that Abramovich has purchased in Israel in recent years. In 2015, he bought the Versano boutique hotel at 11 Shabazi Street in Tel Aviv's Neve Tzedek quarter for NIS 104 million. The property includes both the boutique hotel, which has a preservation order on it, as well as the adjacent lot.

Last year, Abramovich bought through a company that he owns, Beit Hagen, at 2 Schenkar Street on Tel Aviv seafront. The five floor office building is encompasses 6,500 square meters and 120 parking spaces and there are building rights for an additional 12,000 square meters. The building can be rezoned for hotel and residential purposes and according to "Calcalist," Abramovich paid NIS 200 million for it.

Abramovich joins a select club of people who have paid over NIS 100 million for a home in Israel. In 2005, Austrian businessman Martin Schlaff sold a house on Galei Takhelet Street in Herzliya Pituah to high-tech businessman Zaki Rakib for over NIS 100 million, which he sold in 2010 to Teddy Sagi for NIS 146 million. In 2009, Russian oligarch Valery Kogan bought five adjoining penthouse apartments in the Sea One project on Tel Aviv seafront and merged them into a 1,100 square meter apartment for NIS 110 million, which he subsequently sold to Canadian-Israeli billionaire Sylvan Adams. Kogan also bought a collection of adjacent lots for an unknown amount in Caesarea.

Published by Globes, Israel business news - - on June 1, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Roman Abramovich and Herzliya home  / Photo: Eyal Izhar, Globes
Roman Abramovich and Herzliya home / Photo: Eyal Izhar, Globes
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