Miami Beach’s Most Expensive Penthouse Sold for $22.5 Million in Cryptocurrency
“Cryptocurrency is the future of wealth, and we believe this is only the beginning,” said the developers of the property.
- A multi-million dollar penthouse in Miami Beach, Florida, has been bought by an anonymous buyer in cryptocurrency.
- This marks the world’s record for the most expensive real estate deal in cryptocurrency.
According to a report by Forbes, the Miami Beach property sale conducted on May 27 was the most expensive one at $4,440.50/SF. The identity of the buyer and the type of cryptocurrency used to make the purchase haven’t been revealed, as per confidentiality agreements. Arte’s co-developer, Alex Sapir, told Forbes in an interview,
“There is strong pent-up demand for cryptocurrency transactions that are seamless and secure for both parties.”
The deal was closed in less than 10 days, setting yet another record in the finalization of a deal. In under two weeks after announcing in mid-May that the property accepts crypto as payment, it received half a dozen offers.
Located on the 9th floor Lower Penthouse at Arte, it was bought all cash paid for entirely in cryptocurrency, making it the most expensive known residential crypto real estate transaction in the US to date.
The full-floor penthouse, designed by Antonio Citterio, boasts four bedrooms, four bathrooms, and a 2,960-square-foot terrace with oceanfront views. Giovanni Fasciano, another co-developer of Arte said,
“Cryptocurrency is the future of wealth, and we believe this is only the beginning.”
“Embracing cryptocurrency is the first step toward transforming Miami into the cryptocurrency capital that Major Suarez is envisioning.”
On being asked if he is personally investing in or using crypto, Sapir said,
“We believe in the cryptocurrency industry and think that it will be the creator of the world’s next generation of billionaires. Therefore, it’s only natural that we ourselves would be invested as well.”