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During the last months bitcoin has outgrown the virtual world and entered the market of goods and service of the physical world. The first pioneers of this activity – merchants accepting the coin as a payment method – offered to the customers very plain items, from burgers and wine to antiques.
bitcoin, real estate
During the last months bitcoin has outgrown the virtual world and entered the market of goods and service of the physical world. The first pioneers of this activity – merchants accepting the coin as a payment method – offered to the customers very plain items, from burgers and wine to antiques. The average level of prices and products covered by the virtual coin was rather low, but dramatically grew as the Lamborghini Tesla from a California based salon was sold for the crypto currency to an unknown person from Florida. Now bitcoin enters the real estate branch to be able ensuring luxury and premium-class for its users.
The first man who offered his Alberta home for sale and accepted bitcoin was from Canada. The price in fiat money was equal to 405 000 dollars. The current offer is much more higher – the Sommer family is ready to par from their mansion for 7,85 million dollars. Just imagine the sum in bitcoin!
Jack and Laura Sommer having seven children decided to leave the home that become too big for them as all of them grew up. Two of their sons are active in the bitcoin environment and have taught their parents about the virtual currency. Jack Sommer, once the owner of the Aladdin resort, commented: "The advantage is that we're expanding our market and adding some notoriety."
The property is a real pearl for a judge – the couple has put in their hearts in the design. The Las Vegas Review Journal gives such description of the 25000 square foot home: “Its finishing touches include marble from China, Iceland and Brazil. It has a full basement, plus staff quarters with Jacuzzis and a secret garden. Its 25,000 square feet of space has 39 air-conditioning zones fed from a 120-ton cooling tower. The library shelves are made of stainless steel and clad in American cherry wood. From the owner’s suite, you can see five fairways on the Spanish Trail Country Club’s golf course, and Anna Nicole Smith shot a movie in the 2,000-square-foot guest house. Listed at $7.85 million, it’s definitely an outlier, at more than 4,000 percent of the median local sales price for a single-family home.”
Craig Tann, the responsible sales agent of the property from the Prudential American Group's Estates of Las Vegas team, believes that this is the first house in Nevada to be offered for bitcoin and possible the most luxurious and expensive on the market. Julian Tosh, an expert on the virtual currency from Las Vegas, confirms the importance of the deal. He sees that such approach might open up new markets and does not limit the audience. There is no border of power that might prohibit the purchase of this mansion for a person living on a different continent far from the USA.
The only problem seen by financial specialists is the swinging of the price. The exchange ratio fluctuates every day and the selling and purchasing of real estate is a process of several weeks or even months. As on the moment of writing, due to the ups and down of the coin the price has grown from 8991 BTC to 9057 BTC.
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