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A luxury $22.5 million Miami penthouse was sold in the largest crypto real estate purchase to date

Published by Business Insider on Wed, 09 Jun 2021

<p><img src="https://static6.businessinsider.com/image/60bfd94c2feb6f00181edab2-1500/LPH Living room.jpg" border="0" alt="LPH Living room" data-mce-source="Arte Surfside" data-mce-caption="The living room."></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>A luxury penthouse in Miami was <a href="https://www.prnewswire.com/news-releases/arte-developed-by-alex-sapir-and-giovanni-fasciano-makes-history-with-22-5-million-sale-to-purchaser-using-cryptocurrency-301301328.html">purchased for $22.5 million using cryptocurrency</a> in what was considered to be the largest known cryptocurrency real estate purchase to date.</p><p>The 5,067-square-foot&nbsp;unit comprises the entire ninth floor and offers a 360-degree view of Miami's ocean, shoreline, and cityscape.&nbsp;</p><p>The transaction closed just weeks after the developer announced that it will be <a href="https://www.prnewswire.com/news-releases/arte-becomes-miamis-first-new-development-to-accept-cryptocurrency-301286252.html">accepting digital assets as payment</a> for its condominiums. Miami recently has billed itself as a growing hub for the <a href="https://www.businessinsider.com/wildest-moments-from-miami-bitcoin-conference-cryptocurrency-jack-dorsey-2021-6">cryptocurrency market</a>.</p><p>Arte by Antonio Citterio, located in Florida's Surfside neighborhood, partnered with blockchain and securities trading platform SolidBlock.</p><p>SolidBlock will assist in the transaction and will provide legal and tax advice.</p><p><img src="https://static4.businessinsider.com/image/60bfd99a2feb6f00181edab4-1500/LPH Master Bedroom Lounge.jpg" border="0" alt="LPH Master Bedroom Lounge" data-mce-source="Arte Surfside" data-mce-caption="The master bedroom."></p><p>While this <a href="https://news.yahoo.com/penthouse-netherlands-set-sold-21-173500312.html">isn't the first property paid</a> for in cryptocurrency, it is the biggest. The buyer remains anonymous and the company said it can't disclose the type of cryptocurrency used to purchase.</p><p>"We were overwhelmed by the amount of calls we received from qualified buyers," Alex Sapir, chairman of Sapir Corp LTD, whose subsidiary developed Arte, <a href="https://www.prnewswire.com/news-releases/arte-developed-by-alex-sapir-and-giovanni-fasciano-makes-history-with-22-5-million-sale-to-purchaser-using-cryptocurrency-301301328.html">said in a statement</a>.&nbsp;"Real-world crypto transactions haven't made their way fully into the mainstream yet, so it's clear that top holders around the world pay attention when new opportunities to transact open up."</p><p>The sale also comes just days after a blowout bitcoin conference in Miami headlined by <a href="https://markets.businessinsider.com/currencies/news/bitcoin-2021-jack-dorsey-michael-saylor-best-quotes-miami-crypto-2021-6-1030497497">Twitter CEO Jack Dorsey and MicroStrategy CEO Michael Saylor</a>. The sold-out event was attended by over 12,000 people, with thousands more watching online.</p><p>The mayor of Miami has been striving to transform the city into the <a href="https://www.businessinsider.com/why-miami-mayor-is-worried-about-tech-vc-startup-scene">next Silicon Valley</a> by <a href="https://www.businessinsider.com/miami-mayor-sees-bitcoin-move-as-way-to-attract-tech-2021-2">embracing bitcoin</a> and other technological innovators.</p><p>"If you would have told me in December that I was going to have a conversation with&nbsp;<a href="https://www.businessinsider.com/miami-mayor-serious-about-elon-musk-boring-company-tunnel-project-2021-5" data-analytics-module="body_link" data-analytics-post-depth="60" data-uri="ffcd541a8379a22b4577ffe88c4c979a">Elon Musk</a>, eat lunch with Peter Thiel, become friends with Keith and meet [Coinbase CEO] Brian Armstrong pre-IPO and Fred and the Winklevoss twins, I would have told you, 'There's no way you can make this stuff up," Suarez <a href="https://www.businessinsider.com/why-miami-mayor-is-worried-about-tech-vc-startup-scene">told Insider</a>.</p><p>&nbsp;</p><p>&nbsp;</p><p><a href="https://www.businessinsider.com/luxury-miami-penthouse-sold-paid-in-crypto-largest-purchase-2021-6#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/scorpion-venom-most-expensive-liquid-in-the-world-2018-8">Why scorpion venom is the most expensive liquid in the world</a></p>
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