Nochi Dankner's last major real estate asset — 'Ivory House' in Jerusalem — put up for sale as part of insolvency proceedings

The Final Asset

According to reports from Globes, the sale of Ivory House represents the conclusion of a major chapter in the insolvency proceedings against Nochi Dankner. Once the most powerful figure in the Israeli economy through the IDB Group, Dankner has been undergoing debt settlement and bankruptcy processes following the collapse of his conglomerate and a prior criminal conviction. This Jerusalem property is considered his last remaining asset of substantial value, with estimates placing its worth at up to half a billion shekels.

Current Status and Rezoning Obstacles

The building currently functions as an office complex, housing various government entities. While there has been a proposed plan to rezone the property for residential use—a move that would typically increase its market value—the transition faces significant hurdles. Analysts point to a high supply of office space in Jerusalem and substantial development levies (hetel hashbacha) that may complicate the financial feasibility of residential conversion for potential buyers.

Context of the Insolvency

This development follows years of legal and financial restructuring for Dankner. As previously covered by The Zioneer, Dankner was officially declared bankrupt after dropping opposition to proceedings involving a 550 million shekel debt to major banks. To date, he has repaid approximately 110 million shekels. The proceeds from the sale of Ivory House will be a critical component in the ongoing efforts to satisfy remaining creditors and conclude the insolvency process.