Crypto Used to Purchase Miami Penthouse for Record $22.5M

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In Brief
  • A $22.5 million penthouse in Miami was bought entirely with cryptocurrency.

  • The deal set a record for one of the fastest transactions, taking less than 10 days in its entirety.

  • The penthouse’s developers believe decentralized payments have the potential to transform the industry.

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A $22.5 million penthouse in Miami was bought entirely with cryptocurrency, making it the most expensive real estate purchase in crypto to date.

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The 5,067 square foot, full-floor, four-bedroom penthouse is located in Miami’s Surfside neighborhood. It’s located on the ninth floor of the boutique condo building Arte by Antonio Citterio.

The $4,440.50 paid per square foot is also a record-breaker for the Miami Beach area. The deal also set a record for the fastest real estate transaction, taking less than ten days from start to finish. The buyer and cryptocurrency used remain unknown, due to a confidentiality agreement.

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Crypto payments in real estate

For Arte’s developers, Alex Sapir, and Giovanni Fasciano, the sale is a realization of their belief in the inevitable entry of crypto into real estate. Although real estate purchases have been made in crypto since 2014, Arte’s developers saw the potential of cryptocurrency’s decentralized payment system. They envisioned it would transform the way the entire real estate industry does business as a whole. The astoundingly fast closing of the sale seems to have confirmed their belief. The deal closed in less than two weeks after they announced they would be accepting cryptocurrencies.

However, Arte’s developers aren’t alone in jumping in on cryptocurrency payments in real estate. The Propy start-up, which has been supporting crypto transactions for years, is now offering “Crypto Certified” realty courses. Los Angeles-based Caruso also announced last month that it would accept rent payments in cryptocurrency. As one of the city’s largest developers, this makes it the largest U.S. real estate company to embrace digital currency. Additionally, London’s most expensive penthouse at One Hyde Park listed for $244 million recently, with the option to purchase it in crypto. If sold this way, it would make it the largest known crypto real estate deal in the world.

All these developments are having significant implications for cryptocurrencies. The first is validation. As more deals take place with cryptocurrency, the more widely it will start to be accepted. Additionally, beyond mere validation, as more high-profile companies take on crypto transactions, it could go from being a niche option to a truly mainstream practice in payments.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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