The Real Deal Miami

Florida property losses for Africa Israel

September 01, 2009 05:01PM

Miami real estate investments have savaged the share price for Africa Israel Investments, the development conglomerate founded by diamond baron Lev Leviev. Published reports say his company has lost about $1.4 billion since the end of 2007, with development projects in both Florida and Russia swinging results to a loss. Africa Israel bought large parcels of downtown Miami real estate in a partnership with Shaya Boymelgreen at the height of the property boom.