Israeli-Russian billionaire Valery Kogan has finally sold his penthouse in Tel Aviv after several years of attempts and a significant price concession. The 1,087-square-meter apartment on the 23rd floor of the Sea 1 building was purchased 15 years ago for 110 million shekels, with additional investment in designer renovations and furnishings. The actual price of the apartment nearly doubled as a result.
According to reports from the economic publication Kalkalist, Kogan sold the penthouse for 120 million shekels, despite taking a loss on the deal. The buyer, the daughter of entrepreneur Abraham Irani, has not yet received the property due to a conflict with the tax authorities. This was not Kogan’s first attempt to sell the apartment, as he had previously listed it for $65 million during the height of the pandemic in September 2020.
The unique features and size of the apartment make it a coveted property in Tel Aviv, attracting buyers even during uncertain times. The apartment features three balconies with views facing different directions and is decorated in a “Kremlin style.” The top floor offers a 360-degree view of the surroundings. Sotheby’s Israel has been tasked with selling the property, with one party expressing satisfaction with the reduced price.
Despite facing challenges in selling his penthouse, Kogan’s willingness to minimize his losses rather than seek a profit is evident in his decision to lower its value by over $5 million.
