Ramat Gan penthouse up for auction

Rama Tower buyers' group organizers send letters to 500 of Israel's wealthiest people, offering negotiation on project's most expensive apartment. Starting price: NIS 12 million

A buyers' group organized by the Migdalim company has come up with an original way to sell the penthouse in the Rama Tower project being built in the central city of Ramat Gan.

 

The company, owned by Attorney Keren Ben David and architect Hani Horovitz, has sent letters to 500 of Israel's wealthiest people, offering them to enter a negotiation for the tower's most expensive apartment.

 

The starting price for the apartment is NIS 12 million (about $3 million), while its total value is estimated at NIS 20 million ($5 million).

 

Those interested are expected to arrive at a special VIP compound rented by the company in Tel Aviv's Exhibition Park and make a bid on the apartment. The penthouse will go to the highest bidder.

 

Rama Tower is being built on an area of half an acre over the ruins of the legendary Rama Cinema, on the corner of Jabotinsky and Bialik Streets. It will include 21 apartments. The penthouse floor is planned as a loft and measures 210 square meters (2,260 square feet) in size, including 350-square meter (3,767 square feet) balconies and a private swimming pool.