Artist Must Vacate Jerusalem Home Over Massive Debt, Israel's Supreme Court Rules

The Israeli Supreme Court has ruled that artist Ariel Platzig, 80, must vacate his home in a complex he built in Jerusalem's Har Tzion, due to significant debts owed to Meitav Finance. Platzig owes 24 million shekels (approximately $6.5 million USD) to the company, having pledged the entire complex, which includes commercial and residential wings, as collateral.

Supreme Court Justice Gila Kenaf-Steinberg rejected Platzig's appeal against a lower court's decision, unusually permitting the eviction from a residential unit after stipulating that Meitav Finance must fund alternative housing for him. Platzig claimed that the COVID-19 pandemic caused severe liquidity issues, preventing him from repaying a 14 million shekel loan, and asserted the complex is now worth 42 million shekels.

Meitav Finance initiated foreclosure proceedings in February 2025. Platzig had attempted to have the mortgage apply only to the commercial wing, but the Tel Aviv District Court denied this, noting that selling only the commercial section would not cover the debt. The court also dismissed Platzig's subsequent offers as mere attempts to delay the inevitable, lacking a concrete solution for repayment.

Justice Kenaf-Steinberg emphasized that allowing debtors to indefinitely postpone the realization of collateral, or reduce its scope, undermines the credit market and could increase borrowing costs for everyone. She noted that the foreclosure process has been ongoing for about 18 months without resolution. The court also pointed out that if the complex's value significantly exceeds the debt, Platzig will be able to afford suitable alternative housing after its sale, thus mitigating his damages.