Tuesday, March 21, 2023
HomeMarketFlorida penthouse bought with crypto sells for $18 million cash

Florida penthouse bought with crypto sells for $18 million cash

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In June 2021, when the cryptocurrency markets were soaring, the developers of the Arte condominium in Miami’s Surfside neighborhood announced that a buyer had purchased a penthouse there for $22.5 million in cryptocurrency. The deal, one of the most expensive ever done using digital coins, was heralded as evidence that cryptocurrency would eventually become commonplace in the real-estate world.

Now, with the crypto markets crashing back to earth after the implosion of the cryptocurrency exchange FTX, that same buyer has resold at a loss for $18 million. The deal closed for cash this time, said Danny Hertzberg of Coldwell Banker Realty, one of the listing agents.

The unit was listed for $28 million in September 2021 and its price was lowered several times. It was most recently asking $19.9 million.

Records show the seller was a company named Chain Inc. On its website, Chain Inc. described itself as a blockchain-based technology company founded in 2014 with a mission to enable a smarter and more connected economy. It wasn’t clear if the unit was owned by the company or one of its executives. The company’s chief executive, Deepak Thapliyal, couldn’t immediately be reached for comment. 

The identity of the buyer couldn’t be determined.

An expanded version of this story appears on WSJ.com.

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Credit: marketwatch.com

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