A luxury mansion that was once the most expensive property in Israel has seen its sale price slashed by 42% after failing to attract buyers.
The mansion, in the northern coastal city of Caesarea, first released in 2020 for NIS 845 million ($259 million at the time, $240 million today). Today, the Baroque-style palace is being offered by Sotheby’s International Realty for a dramatically reduced price of $149,500,000 (NIS 526,010,518).
The 7,000-square-meter (75,347-square-foot) palatial residence sits on a plot of around 11 dunams (2.7 acres) near the sea, and was built by billionaire Valery Kogan, a suspected ally of Russian President Vladimir Putin, who is also a co-owner of Moscow. Domodedovo Airport, one of four serving the Russian capital and one of the largest.
The mansion was built in 2013 for a reported cost of $100 million in 2013. It features four bedrooms, seven bathrooms, a spa and fitness center, indoor and outdoor pools, a wine room, billiards room, home theater and other amenities.
The style of the residence is distinctive and not for those who prefer minimalism. The décor features 14-karat gold and crystal trim throughout, intricate details, and somewhat overpowering patterns, even in the kitchen.
The large reception area features 2,475-square-foot (2,475-square-foot) chandeliers and marble columns.
There is also an outdoor swimming pool with stereo and TV screen, surrounded by landscaped gardens with two fountains with Roman sculptures.
Kogan’s net worth has been put into $2.5 billion, although his fortunes have likely been affected due to the turmoil in Russia amid its ongoing war in Ukraine. Kogan reportedly began sell real estate assets in New York some time before the start of the war in Ukraine, although his name has not yet appeared on sanctions lists.
Among the properties sold was a luxury condominium at the Plaza Hotel in New York for $50 million. Kogan and his wife were also buying around $250 million worth of other property in the city, along with real estate assets elsewhere in the United States, according to a New York Post. report.
In the fall of 2020, Kogan also put his apartment in Tel Aviv up for sale for $65 million (NIS 220 million).
The original sale price of the Caesaria de Kogan residence broke all Israeli property records.
After the price reduction to “merely” $21,357 (NIS 75,144) per square meter of house, Kogan’s house falls far behind some recent sales in Tel Aviv – in particular, the two-story penthouses at David Promenade Residences, which sold over the summer for more than NIS 200,000 per square meter.
Elsewhere in Tel Aviv, over the course of the past year, prices of NIS 130,000 to NIS 140,000 were fetched at The Residences at Mandarin Oriental Tel Aviv, next to what used to be the Dolphinarium.