Toronto, Canada
Photo: AP
Israeli buys Canadian town
USD 100 million deal includes lake, public buildings, port
Israeli businessman Gil Blutrich has purchased the historic Canadian town of Port McNicoll, population of some 1,500 families, about an hour and a half north of Toronto. Blutrich, a former resident of Raanana currently living in Toronto, concluded the sale through Mishorim Real Estate with an initial investment of USD 100 million.
For over a century, Port McNicoll, Ontario, served as an important gateway for cargo arriving via rail to be transported by ferries across the big lakes. Unfortunately, at some point the railways were diverted elsewhere and the town slowly died.
The acquisition does not include, of course, all family homes within the town limits, but it does include considerable land futures, including 10 kilometers (about 6 miles) of beach property, a 500 acres lake, 500 acres of municipal property, public buildings and a purification plant, as well as the town’s port and storage facilities.
Luxury homes, private yachts
The venture calls for the building of 700 luxury homes, each on a three-fourths-acre property plot, on the tranquil lakeside peninsula. The houses will be sold together with lakeside property and a private yacht dock.
For those interested, the going price per house is USD 500,000. In total, 2,500 homes will be built across town. The enterprise also includes hotel development, a rail museum and a Victorian village to be built jointly with the Canadian Ministry of Tourism. Blutrich intends to turn the place into an old-time resort, while attracting Israeli tourists.
What do the residents of Port McNicoll think of the Israeli investor’s big plans? “They are quite pleased that we have cleared their lakeside access that has been blocked up to now. We hope to increase the property value considerably,” says Mishorim CEO Rami Shriki.
Israel's youngest entrepreneur
Blutrich, 40, made his first foray into the business world at age 16 as Israel’s youngest entrepreneur, making his fortune by marketing bottled-ornamental trees. At the time, he employed over 140 youngsters. His introduction into the Canadian business arena began with the sale of hundreds of apartments in Toronto to Israelis.
He is considered a success story in Canada, and was chosen last year as Canada’s Entrepreneur of the Year. Among his achievements, two hotels in Toronto whose services are based on Zen principles, that were selected among North America’s top seven boutique hotels.
Blutrich continues to invest in real estate in Israel as well, and visits his apartment at the Herzliya marina four to five times a year.
