Michakashvilis to pay NIS 540m to keep iconic Tel Aviv buildings

The auction of 10 luxury buildings in Tel Aviv ended today, with an accepted bid of NIS 540 million, sources told Globes. The winning group in the auction is part of the Mikhakashvili family, which will buy the buildings from the receiver after a dispute between different parts of the Mikhakashvili family.

The list of properties includes some of Tel Aviv’s most important historical buildings including: the Izmailov Hotel, on the corner of Montefiore and Yavne Streets, built in 1925, which is famous for its Art Nouveau architecture and design; the Mehakashvili House on Eilat Street, which served as the first courthouse of the Tel Aviv District Court; and a group of plots on Nahalat Binyamin, Balfour Street, Ben Yehuda Street, Rothschild Street, Herzl Street, an apartment on Chen Street and a plot of land on Wingate Street in Herzliya Pituach.

Among the unsuccessful bidders on the properties were Toyota importer George Horesh, who came in second, Asper and Tinoport group owners Kidan Dahari and Yaron Adiv, who came in third, and Israel Europe Investments Group’s Maor Malol, along with singer Omar Adam and real estate tycoon Yaakov Bar, who came in fourth. Other bidders included the Abulafia family and a group headed by real estate developer Rafi Nechistan. The bidding started at NIS 300 million and reached NIS 540 million, making it one of the largest real estate deals in recent times for some of Tel Aviv’s most prominent buildings.

The pricing process was conducted by the law firm Mazor, Hakim, Beit Halachmi & Co., which is acting as joint receivers and liquidators following a long-running family dispute between different parts of the Mehakashvili family in the Tel Aviv Family Court.

This article was published in Globes, Israeli Business News – en.globes.co.il – on September 9, 2024.

© Copyright Globes Publisher Itonut (1983) Ltd., 2024.