Israeli developer buys EUR 10 mln palace in downtown Bucharest

Israeli real estate developer Hagag has reportedly bought the Stirbei Palace on Calea Victoriei in downtown Bucharest for an undisclosed amount, most likely around EUR 10 million according to unofficial estimates, local Economica.net reported. According to market sources, the company plans to rehabilitate the palace and develop office buildings behind it.

Hagag has also reportedly bought land across the street from one of the casinos in the area.

Stirbei's Palace was built around 1835, following the plans of the French architect Michel Sanjouand, at the command of Barbu Ştirbei (1789-1869), at that time head of justice but later the ruler of Wallachia. Between 2001 and 2004, the heirs of the Ştirbei family recovered the palace from the state and subsequently sold it for EUR 11 million to the businessman Ovidiu Popescu, who died in 2011. The building belonged, before the deal, to his son Alexandru Popescu.

The palace was subject of investigations by the National Anticorruption Directorate (DNA) related to plans for the development of the building involving major changes.

(Photo source: Wikipedia/Laviniastoica)