Florida penthouse bought with Crypto sells for $18 million in cash

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In June 2021, as cryptocurrency markets soared, developers of the Arte condominium in Miamis Surfside neighborhood announced that a buyer had purchased a penthouse there for $22.5 million in cryptocurrency. cash. The deal, one of the costliest ever with digital coins, was touted as proof that cryptocurrency would eventually become commonplace in the real estate world.

Now, with the crypto market back on earth after the implosion of cryptocurrency exchange FTX, that same buyer has resold at a loss for $18 million. The deal was done in 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 has been lowered several times. He was most recently asking for $19.9 million.

Records show the seller was a company named Chain Inc. On its website, Chain Inc. describes itself as a blockchain-based technology company founded in 2014 with a mission to enable a smarter, more connected economy. It was unclear whether the unit belonged to the company or one of its executives. The company’s chief executive, Deepak Thapliyal, could not immediately be reached for comment.

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The identity of the buyer could not be determined.

The deal comes as real estate agents across the country report that the new crypto millionaires and billionaires who flooded the real estate market earlier this year are backing off. It also coincides with a broader pullback in crypto markets: The price of Bitcoin has fallen more than 70% from its peak late last year and crypto fund asset managers have seen the investors withdraw nearly $20 billion in November, the Wall Street Journal reported.

The apartment comprises the ninth floor of Artes and offers 360-degree views of the ocean, coastline and cityscape, according to a listing description on Zillow. It spans about 5,100 square feet with four bedrooms, four bathrooms and a wine tasting bar, as well as a wraparound beachfront terrace. Furniture was included in the deal, Mr. Hertzberg.

An exterior view of Arte. Marta Lavandier/Associated Press

Arte is perhaps best known as the home of Ivanka Trump and her husband, Jared Kushner, who rented there after leaving the White House. Building amenities include indoor and outdoor swimming pools, a seaside meditation pond, tennis court, fitness center and yoga studio.

Mr. Hertzberg and Craig Heger of Echo Fine Properties represented the seller. Oren Alexander of Official represented the buyer.

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