Mordechai (Motti) Zisser, formerly controlling shareholder in Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) is expected to leave his luxury home in Kfar Ganim in Petah Tikva within the next four months. Zisser has withdrawn the appeal he filed against the decision of Tel Aviv District Court judge Eitan Orenstin allowing Bank Leumi (TASE: LUMI) to seize the property and collect the NIS 15.5 million mortgage loan that it granted to Zisser.
The ostentatious eight-dunam (two-acre) estate boasts, among other things, a 30-meter swimming pool, a private cinema, a mikveh (ritual bath) and a synagogue.
Zisser and his wife, who live in the main building on the property, will vacate their home, while their children and other family members will continue to live in other houses on the property until legal proceedings against them have run their course.
The seizure of the property requires Judge Orenstin's approval. He is expected to decide on the matter this week. As soon as approval is given, Bank Leumi will be able to move to sell the property and clear the mortgage. The balance of the sale proceeds will go to the receiver of Zisser's private companies, Adv. Giora Erdinast, who acts for Bank Hapoalim (TASE: POLI), to which Zisser owes NIS 1 billion. In court, Erdinast has estimated the value of Zisser's residential property at NIS 71 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 22, 2014
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