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Former hi-tech entrepreneur Efi Arazi is selling two large apartments in Treetop Towers (Migdalei Tzameret), which Alrov (TASE: ALRO) built on Pinkas Street, Tel Aviv, for about $12 million.

The buyer is the daughter of billionaire Sheldon Adelson.

The transaction is one of the biggest in the project.

Arazi's apartments were on the 32nd and 33rd floor of the first of the three high-rises. Together the two flats have 800 square meters of space.

The apartments have internal elevators between their floors and luxury outfitting.

Arazi bought the first apartment four years ago for about $4 million, and apparently invested additional sums in it. The details of the second flat are not known.

Real estate sector sources reacted with some surprise to news of the transaction, noting that the Ofers had bought the luxury penthouse two years ago for about $10 million, while these two apartments aren't even connected. Even the 15% to 20% price hikes in luxury flats in Tel Aviv shouldn't justify the prices that the Adelsons are paying, they suggested.

Adelson's representative in Israel said the family does not comment on private affairs of this kind.