Russian-Israeli billionaire Valery Kogan, after several years of attempts and a significant concession in price, has sold his penthouse on the 23rd floor of the Sea 1 building on the Herbert Samuel Quay in Tel Aviv.
15 years ago, he bought this 1,087-square-meter apartment for 110 million shekels, after which he invested tens of millions more in “Kremlin-style” designer renovations and furnishings, as a result of which the actual price of the apartment almost doubled.
He sold it, according to the economic publication Kalkalist, for 120 million shekels, having lost a lot on this deal. The buyer, the daughter of entrepreneur Abraham Irani, has still not received the purchased penthouse due to a conflict with the tax authorities.
At the height of the coronavirus pandemic, Kogan had already tried to sell this apartment: for example, in September 2020, he asked for $65 million (220 million shekels at that time). This time the price dropped sharply to NIS 120 million, indicating Kogan’s desire to minimize losses rather than an attempt to make a profit from the sale. Sotheby’s Israel has been entrusted with selling this property. According to Kalkalist, “one of the parties to the transaction expressed satisfaction with the low price.”
Apartment with an area of 1200 sq.m. is actually four apartments connected into one. It has three balconies facing different directions of the world, and is decorated in the “Kremlin style”. From the top floor of the apartment there is a 360 degree view.