A luxurious mansion at 200 Panoramic Way in Berkeley, California named ‘Panoramic Sky’ is on sale for 3.388 million USD. The mansion was designed by Daniel Liebermann, who was the student of Frank Lloyd Wright.
According to listing agent Emma Prok of Climb Real Estate, the seller is considering Bitcoin or other forms of cryptocurrency as payment. Panoramic Sky is listed on Propy, which is a platform for securing cross-border real-estate transactions with blockchain technology.
Frank Lloyd Wright has been declared the greatest American architect of all time by the American Institute of Architects. He designed 1000 buildings, 552 of which were completed. His student Daniel Liebermann is one of the original San Francisco Bay Area ‘starchitects’ who propelled Northern California’s mid-century modernist movement.
If this property ends up being purchased with Bitcoin or another cryptocurrency it would be one of the largest real-estate purchases completed with cryptocurrency in history. In 2014, a 1.4 acre plot in North Lake Tahoe was purchased for 2,739 Bitcoins worth 1.4 million USD at the time. In December 2017, near Bitcoin’s peak price of 20,000 USD per coin, a condo in Miami was sold for about 18 Bitcoins worth 275,000 USD.
A caveat to this deal which is stated in the real-estate listing is the buyer must resolve any issues associated with purchasing the property with Bitcoin or another cryptocurrency. The title company, insurance company, escrow holder, and lender must have no objections with cryptocurrency for the deal to go through. Further, the listing says the real-estate agent and seller are not responsible for any possible problems from using cryptocurrency.
Bitcoin is quite secure, and if the seller wants to truly sell the property for Bitcoin, like with the Miami condo that sold for 18 bitcoins without any conversion to cash, then it would be instant and easy. The transaction would be received instantly and confirmed within 10 minutes. If the seller wants to convert the Bitcoin or cryptocurrency to cash it requires a third party like BitPay or Coinbase, which would slow down the transaction from minutes to days and result in heavy fees due to the large size of the transaction.
Currently, the listing price for Panoramic Sky of 3.388 million USD is equivalent to roughly 520 Bitcoins, but Bitcoin markets are known to be quite volatile and this can change dramatically.
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