A $65 million estate hitting the market in Beverly Hills isn't necessarily a newsworthy event. In fact, this happens several times a year on average. But this property in particular, known as Elementi and located in the uber-exclusive Trousdale Estates subdivision, is offering buyers the ability to purchase the house with Bitcoin rather than cash or loans.
This is a trend that is on the rise. The largest-known real estate cryptocurrency deal happened in June in Miami when a penthouse valued at $22.5 million was paid for in Bitcoin.
The listing agent for Elementi, Aaron Kirman of Compass said:
"Crypto is something the sellers are very interested in, and it's a growing movement that I believe will be incorporated into the residential sphere."
Kirman is co-listing the property with Adam Rosenfeld of Compass and developer Michael Chen. Chen added:
"I believe that escrow should not take six months, escrow should take three days. Historically, it's still on such an old system. Now, you can transfer $10 million in two seconds versus going through a central bank."
Chen, in addition to being the developer of Elementi, is also a cryptocurrency investor.
Certainly, this sets up a whole new kind of bidding war, where cryptocurrency purchases could be given preference to cash deals simply because the seller receives the funds faster.
Chen is the founder of Luxford Development Group. He previously designed sets for Warner Brothers and furniture in Milan. He started building Elementi six years ago. The home is in a California modernist style and uses natural elements including a 15-foot waterfall, an entryway bridge, and a 15-foot, 150-year-old ancient olive tree imported from Tuscany. Chen placed the tree in the center courtyard of the house. He calls the tree the life of the house.
The house is 18,000 square feet with seven bedrooms. The master suite takes up an entire quarter of the house and has a cantilevered balcony. The gourmet kitchen features Gaggenau appliances, Dada cabinetry, and a 14-foot leathered marble island. The home also has a butler's kitchen, wellness center, gym, home theater, 2,000 bottle wine cellar, and a half-length Olympic-size swimming lane in the enormous pool. The stone, millwork, doors, vanity, and furniture were all imported.
Additionally, the home is run by a high-tech digital system called Josh. The voice control system can be commanded to do anything the homeowner wants in the house.
