>Israeli-Canadian developer buys King Eddie for $48 million

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>JERUSALEM – Israeli-Canadian businessman Gil Blutrich recently purchased Toronto’s venerable King Edward Hotel for the bargain price of $48-million.

Blutrich’s Toronto-based Skyline International Development Inc., a subsidiary of the Tel Aviv-based Mishorim Developments Ltd., which he also controls, bought the 298-room century-old landmark – where Beatle John Lennon and his wife Yoko Ono held their 1969 Give peace a chance bed-in and where Richard Burton proposed to Elizabeth Taylor – in a distress sale.

Lehman Bros., the New York investment bank that had bought the property for $62.5 million in 2006 and then spent an estimated $17 million in renovations, went bankrupt during the 2008 global financial meltdown.

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