Israel's Defence Minister Ehud Barak
Israel's Defence Minister Ehud Barak, pictured in 2010, has sold his luxury apartment in Tel Aviv for $7 million, making a profit of nearly $3 million, the economic daily Globes reported on Sunday. © Jack Guez - AFP/File
Israel's Defence Minister Ehud Barak
AFP
Last updated: March 18, 2012

Israel's Barak makes $3 mn profit on property sale

Israel's Defence Minister Ehud Barak has sold his luxury apartment in Tel Aviv for $7 million, making a profit of nearly $3 million, the economic daily Globes reported on Sunday.

The claim, which was confirmed by Barak's office, according to army radio, came on the day the cabinet approved a slew of measures designed to boost the supply of apartments and lower housing prices, in response to a wave of social protest.

Protesters had gathered outside Barak's house several times last summer, when Israelis took to the streets in record-breaking numbers to express their frustration about the cost of living and economic disparity in Israel.

For the protesters, Barak became a symbol of Israel's privileged class.

The defence minister has admitted in interviews to having committed an "error of judgment" when he bought the flat in 2003.

The private Channel Two television station said he had purchased a new "more modest" apartment in the same neighbourhood of Tel Aviv, for around $2.2 million.

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