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Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio / PR Newswire)
A developer’s decision to accept cryptocurrency as payment appears to be paying off as a Miami area penthouse just raised $22.5 million in digital tokens.
The deal came weeks after Antonio Citterio’s Alex Sapirs Arte, in Surfside, began accepting cryptocurrency through a partnership with blockchain and securities trading platform SolidBlock. It is the largest known cryptocurrency real estate purchase ever. Forbes first reported the transaction, which was announced in an overlooked May 27 press release.
The lower penthouse unit, which encompasses the entire ninth floor of the 12-story condominium, is 5,067 square feet in size and offers 360-degree views of the ocean, coastline and the Miami cityscape. The home features four bedrooms, four bathrooms, a powder room, wine tasting room, walk-in closets, and a 2,960-square-foot wraparound deck.
“Cryptocurrency is the future of wealth, and we believe it’s just the beginning,” co-developer Giovanni Fasciano said in a statement. Arte has set the precedent for what these sales can look like and how quickly they can happen. We are proud to have laid the foundation for this new, burgeoning world.
The developers have not disclosed to the buyer or what kind of cryptocurrency has been used.
It is not the first record sale for Arte. Another penthouse in the building went for $33 million, or $4,300 per square foot, by far the most ever paid per foot in Surfside.
Cryptocurrency is making its way into real estate. WeWork announced in April that it will accept Bitcoin for membership fees. Real estate investor Kent Swig also got into the cryptocurrency game and launched his own digital token pegged to gold.
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