Patience pays as house sells for $11 million

Talk about spiraling property prices… A palatial newly built villa in upmarket Herzliya Pituach has sold for $11 million (NIS 44 million), reports The 800-square-meter three-story home, set on a 1,850-square-meter block in Rehov Hanassi, was sold to an unidentified buyer from Central America by its French owner. According to the report, the French owner bought the land five years ago for $1.8m. with the intention of building onto the property and selling it. The house, which was completed only recently, contains, among other things, a 120-square-meter master bedroom, en suite bathrooms attached to each of its many bedrooms, a sauna, under-floor heating and air-conditioning, a large swimming pool, and underground parking for six cars. The report said the owner turned down offers of $7m. to $8m. for the house, and it seemed that "patience pays" as the house was now being sold at a price well above its market value.