A multi-million dollar penthouse in Miami Beach, Florida was bought for $22.5 million (almost Rs 164 crore) using cryptocurrency on May 27 can be considered the most expensive real estate purchase ever made in cryptocurrency. The 5,067 square foot, full-floor, the four-bedroom penthouse is on the ninth floor of a boutique condo building called Arte designed by industrial designer Antonio Citterio.
As per a Forbes report, the deal, which took place in less than 10 days from start to finish, broke both the records of the minimum time required for such a deal as well the maximum price per square foot at Miami Beach at $4,440.50/SF. Due to confidentiality agreements, both the identity of the buyer and the specific cryptocurrency used have not been revealed.
Within two weeks of announcing that they would accept cryptocurrency for sales at Arte in mid-May, Alex Sapir and Giovanni Fasciano, the property’s developers, received half a dozen offers.
Sapir told Forbes, ‘There is strong pent-up demand for cryptocurrency transactions that are seamless and secure for both parties, and the deal at Arte is a prime example of that.”
‘We were overwhelmed by the amount of calls we received from qualified buyers just after announcing our ability to facilitate cryptocurrency transactions. Real-world crypto transactions haven’t made their way fully into the mainstream yet, so it’s clear that top holders around the world pay attention when new opportunities to transact open up,” Sapir added.
Just like Arte, one of Los Angeles’ largest developers, Caruso, announced last month that it would start accepting rent payments in cryptocurrency for both its retail and commercial properties.
According to Fasciano, cryptocurrency is the future of wealth and Arte has set an example of what sales like these look like and how fast they can be processed.