Crypto real estate on the rise with an Austin Texas mansion sold for $18.5M in Bitcoin.Cryptocurrency revolutionizes traditional finance.
Cryptocurrency has accelerated in the current economy and taken over most aspects of conventional finance. In both the virtual (in the metaverse) and physical realms, crypto real estate is on the rise. Over the last several years, crypto real estate transactions have attracted attention, and buying a property with Bitcoin has grown increasingly popular.
Real estate history made in Austin Texas
According to inside sources, the celebrity talent manager sold his waterfront home in Austin, Texas, for around $18 million in Bitcoin. The sale was the biggest crypto real estate transaction in Texas history and one of the largest in the state. At the time of writing, 18 million USD is worth about 425.69 BTC.
Scooter Braun is a music executive manager who has worked in Hollywood and handles Justin Bieber’s music career. According to the agents of Moreland Properties, the mansion is 10 miles from downtown Austin.
The home is a 1.9-acre site with 320 feet of frontage on Lake Austin. The main house has six bedrooms, herringbone flooring, and views of the lake. In addition, there is a guesthouse, pool, and glass-walled cabana with a private dock that offers a second-story viewing deck.
The buyer is none other than Wayne Vaughan. He’s the CEO of Tierion, a company that maintains data on the blockchain. According to residential documents, Scooter Braun acquired the mansion in 2020.
Crypto real estate on the rise
Cryptocurrency has revolutionized the global economy. As trends start to take hold, wealthy crypto investors rush into the luxury industry and adopt crypto real estate payment methods. Real estate listings are increasingly available for sale in Bitcoin on the global market.
As early as 2014, reports of Bitcoin-based real estate purchases began to surface. An unknown buyer bought a Bali villa for 800 BTC ($500k in 2014, but $35 million now).
A Bitcoin real estate website has a listing for the French Alps going at $4,950,000, a Panama penthouse for $3,595,000, and a private Australian island for $3,500,000. Additional properties are available in the United States, Thailand, Bali, the Caribbean, and Turkey.
Until recently, the biggest real estate purchase in cryptocurrency was in February 2018. A Bitcoin investor named Michael Komaransky sold his Miami home for 455 BTC or approximately $6 million. At the time of writing, that is worth $19.8 million.
At the moment, crypto real estate is receiving a lot of attention. However, this isn’t the first time that Bitcoin has been used in connection with real estate to make sales and purchases. In September 2021, Magnum Real Estate Group said it would accept Bitcoin for its $29 million luxury residential project in Manhattan, called CODA (385 First Avenue in New York City).
Lastly, in 2021, Algocap Real Estate, a real estate brokerage established in New York, announced that it would begin to accept Bitcoin, Dogecoin, and Ethereum for purchases.