- An anonymous buyer purchased a $22.5 million Miami Beach penthouse with cryptocurrency.
- It’s the most expensive cryptocurrency-based real estate purchase ever made.
- The practice of purchasing real estate with crypto has become more mainstream over the last several years.
- See more stories on Insider’s business page.
An exclusive penthouse address in the Surfside neighborhood of Miami Beach has set a record for the biggest known all-cryptocurrency real estate transaction.
In mid-May, the Arte Surfside by Antonio Citterio announced it would accept cryptocurrency as payment. Weeks later, it sold the first of its 16 units to an unnamed buyer for $22.5 million in crypto.
The 5,067-square-foot penthouse is located on the ninth floor of the 12-story building, and includes four bedrooms and four bathrooms. Its standout feature is a 2,960-square-foot terrace with oceanfront views.
Arte has not released the name of the buyer or the particular crypto in which the buyer paid for the deal, but the building’s developers believe they’re on the cusp of a radical shift in the real estate market.
“Cryptocurrency is the future of wealth, and we believe this is only the beginning,” said Arte’s codeveloper Giovanni Fasciano in a statement. “Arte has set the precedent for what these sales can look like, and how fast they can take place. We’re proud to have laid the groundwork for this new, burgeoning world.”
So what does $22.5 million in crypto get you, amenities-wise? Arte offers indoor and outdoor swimming pools, a rooftop tennis court, and a gym and yoga studio, along with a sauna, a steam room, and something Arte refers to as a “beachfront meditation pond.” There’s also a children’s playroom, a catering kitchen, and temperature-controlled parking spaces.
The all-crypto deal comes as brokerages have begun to more seriously consider cryptocurrency.
Some brokerages have begun hiring specialists to handle crypto transactions, but most developers and agents aren’t yet accepting cryptocurrency as payment and require that sellers instead convert their crypto into cash for purchases.
New companies, including a start-up called Propy, have popped up to offer crypto courses for real estate agents, creating a new industry in the process. For around $500, Propy teaches agents how to work with crypto-solvent clients.
In an interview with Forbes, Fasciano said he believes real estate will remain a strong investment opportunity even as crypto changes what that wealth looks like.
“History has proven that new wealth holders always turn to real estate as a way to preserve their wealth – as well as their legacy – for the long term,” he said. “So we expected that the world’s newest cryptocurrency millionaires and billionaires would naturally share this same logic.”