An Israeli businessman purchased an ancient mansion in Texas from an Iranian billionaire for $5 million.
Tamir Poleg, a real estate owner, purchased the historical property, spanning 3,000 square meters (32,292 square feet) on an island near Galveston. It was built in 1894 and served as an orphanage.
In 1900, a devastating hurricane hit the region and destroyed everything on the island except for the building. The mansion, however, underwent massive renovation.
Less than 10 years ago, the property was sold to an Iranian billionaire who has primarily used the building for hosting charity and business events.
The Optimum company plans to turn the mansion into a prestigious apartment building with ancient French architecture and a spa, swimming pool, gym and wine cellar. Sales are expected to reach $9 million. Other business investments on the island will likely cause real estate to leap.