While there have been quite many properties sold for bitcoin in recent times, this $44 million 16th century edifice located in the ancient city of Rome is on the verge of entering the history books as the first mansion to be auctioned in return of cryptocurrencies.
Palazetto For Celebs and the Crypto Giant Whales
Known as the “Palazetto,” the gigantic 18,000 square foot mansion was built by Renaissance architects Giacomo Della Porta – a famous architect who worked with the great Michelangelo, he lived from 1532-1602 and Girolamo Rainaldi (1570-1655) – a highly reputable Italian architect who worked mainly in conservative Mannerist style.
The Palazzetto is located on the Piazza Di Campitelli, which is just a stone throw from the historic Colosseum.
According to CNBC, the beautifully crafted piece of art now houses apartments, and notable celebrities that have lived there include Mel Gibson, and society big names such as CEO of Louis Vuitton, Michael Burke, as well as the former CEO of Ferrari, Luca Cordero di Montezemolo.
Built between 1580 and 1616, the four-story mansion consists of three luxury suites with 11 bedrooms and 15 bathrooms, designed with expensive watercolor paintings and sculptures from the 18th century.
“Not only is the Palazetto a beautiful property, it’s also a work of art. Everywhere you turn is a piece of history,” said Alexander Ali, the founder of Society Group, a U.S-based real estate marketing company in charge of the Palazzetto. The Renaissance manor also has a 1,000-square-foot secret garden filled with citrus trees, well-trimmed flowers and a beautiful lawn neatly mowed like a football pitch.
“The architect carved out [the garden] as a private oasis just for the owners. It really is unheard of to have this much green space in the heart of Rome.”
That’s not all; the stately home also has renderings for a modern movie theater, gym, and spa.
Castle for Crypto
The auction will be held online on June 28, 2018, and the Society group will take care of the bidding process, and interested buyers can pay with cryptocurrency and fiat.
Even with the super volatile nature of cryptocurrencies, digital assets have been facilitating a lot of transactions in the real estate industry for quite some time now.
It is worthy of note that in December 2017, a UK-based property development company, Go Homes sold a $468K four-bedroom family house in Colchester and another $796,000 four-bedroom townhouse in Hertfordshire. Both buildings were paid for solely with bitcoin.
Ed Cason, the Go Homes group sales director said:
“This re-writes the rule book and shows there is another way to sell property. This is the first time a domestic property has been sold for bitcoin in the UK. It’s a bit of history in the making. Selling homes for Bitcoin will become common in the next five years.”
And Ed Cason was right. On February 6, 2018, BTCManager reported that a 7-bedroom Miami mansion was sold for 455 bitcoin by Michael Komaransky, a successful cryptocurrency trader.