A pricing procedure for the sale of 10 prestigious buildings in Tel Aviv was completed today with an offer of NIS 540 million accepted, sources inform "Globes." The winning group in the auction is part of the Michakashvili family, which will buy the buildings from the receiver after a dispute between different parts of the Michakashvili family.
The list of properties includes some of the most important historical buildings in Tel Aviv including: the Ismailov Hotel, at the corner of Montefiore and Yavne Streets, which was built in 1925, and which is famous for its art-nouveau architecture and design; Beit Michakashvili in Eilat Street, which served as the first courthouse for the Tel Aviv District Court; and a range of lots in Nahalat Binyamin, Balfour Street, Ben Yehuda Street, Rothschild Boulevard, Herzl Street, an apartment in Chen Boulevard and a lot in Wingate Street in Herzliya Pituah.
Among those who bid for the properties but did not win the auction were Toyota car importer George Horesh, who finished second, Kidan Dahari and Yaron Adiv who own Ispro Group and Tnuport, in third place and Israel-Europe Investments Group's Maor Malul together with singer Omer Adam and real estate businessman Yaakov Bar in fourth place. Other bidders included the Aboulafia family and a group headed by real estate developer Rafi Nechustan. The auction began at NIS 300 million and reached NIS 540 million, making it one of the biggest real estate deals in recent times for some of the most iconic buildings in Tel Aviv.
The pricing procedure was conducted by the Mazor, Hakim, Beit Halachmi & Co. law firm acting as joint receivers and liquidators following a protracted family dispute between different parts of the Michakashvili family in the Tel Aviv Family Court.
Published by Globes, Israel business news - en.globes.co.il - on September 9, 2024.
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