Fallen Israeli Tycoon's Estate to Sell for Bargain Price

Bank Leumi is pushing ahead to sell the opulent home of former Elbit Imaging executive Moti Zisser in the Tel Aviv suburb of Petah Tikva, after the bank filed mortgage foreclosure proceedings to recover the 17 million shekels ($4.7 million) in remaining debt on the home. Zisser fell on hard times after unsuccessful real estate forays in Europe.

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Leumi has now received three offers for the home, backed by appropriate guarantees, according to a report filed with the Tel Aviv District Court last Thursday. The report does not reveal the identity of the prospective buyers, or the amounts of the offers. Observers surmise that the highest offer is probably in the range of 20 to 25 million shekels, although the home is thought to be worth between 40 and 50 million. Zisser and his wife, Bracha, have committed to vacate the premises by October 26.

The home contains 4,899 square meters (about 52,700 square feet) of space. In addition to the house itself, the grounds feature a swimming pool, a second decorative landscape pool, a basketball court, an exercise room, a sauna and a mikveh (Jewish ritual bath).

In a related development, Mizrahi-Tefahot Bank is expected to put three apartments that Zisser owns at the Mamilla complex – just outside the walls of the Old City’s Jaffa Gate – up for sale, to satisfy that bank’s mortgage debt on the apartments. The Jerusalem sale is expected to fetch several tens of millions of shekels.

Zisser also owes major sums to Bank Hapoalim.