Cryptocurrency adoption is seeping into the real estate markets as a home-owner lists her 187-year-old property for $6.5 million in cryptocurrencies.
A resident of a Greenwich estate has put up her luxurious property for sale and is willing to accept cryptocurrencies as the medium of exchange. The asking price of $6.5 million has been slapped on the property, with the listing information stating the acceptance of either Bitcoin (BTC) or Ethereum (ETH).
Kevin Sneddon, the listing agent of the property, told CNBC that the listing is the first of its kind in the history of Greenwich. For starters, it is the first to accept cryptocurrencies and the first to remove the requirement for buyers to convert their cryptocurrency to cash before closing the deal. This requirement is imposed to prevent the wild fluctuations of the cryptocurrency markets from devaluations
The listing description on the property clearly states that the “SELLER WILL ACCEPT CRYPTOCURRENCY” and Sneddon adds that the seller will keep payment in cryptocurrency regardless of the fluctuations in prices. Since reaching their all-time highs, leading cryptocurrencies like Bitcoin and Ethereum are down by over 40% and threaten to slide further given the recent actions of the Federal Reserve.
Apart from the allure of paying with cryptocurrencies, buyers will be drawn to the 187-year-old property because of its luxurious features. The mansion is located at 241 Bedford Road, spanning just over 4 acres, with 5 bedrooms and three baths.
“It’s got Lutron lighting, and you press a button and it’s got automatic shades, and it has Porsche pinhole recessed lighting,” said Sneddon. Other features include a “party barn”, state-of-the-art heating, and a virus-killing air purifier.
The seller is a crypto enthusiast
Sneddon noted that the desire to accept payment in cryptocurrency is not a ploy to quickly get the property off the market. Instead, it underscores the seller’s passion for the asset class and belief in the future.
“It’s not like a gimmick. Not only does my client hold a lot of cryptocurrencies, she actively trades a fair amount of it on a daily basis,” said Sneddon. The “private-minded” seller would not be converting the purchase sum to fiat and “will add it to her crypto portfolio”, according to Sneddon.
A search into the ownership of the property reveals that it is owned by Bedford Road Holdings. The use of a company masks the current owner of the property, but a careful perusal reveals that the property was formerly owned by Anson McCook Beard Jr, an ex-Wall Street heavy hitter.
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