Miami penthouse sets cryptocurrency sale record: $22.5M

Arte by Antonio Citterio began accepting digital tokens weeks prior

Miami /
Jun.June 09, 2021 01:00 PM
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
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 have paid off, as a Miami-area penthouse just went for $22.5 million in digital tokens.

The deal came weeks after Alex Sapir’s Arte by Antonio Citterio, 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 press release May 27.

Encompassing the entire ninth floor of the 12-story condominium, the lower penthouse unit is 5,067 square feet and offers a 360-degree view of Miami’s ocean, shoreline and cityscape. The home features four bedrooms, four bathrooms, a powder room, a wine tasting bar, walk-in closets and a 2,960-square-foot wraparound terrace.

“Cryptocurrency is the future of wealth, and we believe this is only the beginning,” co-developer Giovanni Fasciano said in a statement. “Arte has set the precedent for what these sales can look like, and how fast they can take place. We’re proud to have laid the groundwork for this new, burgeoning world.”

The developers did not reveal the buyer or what kind of cryptocurrency was used.

It’s not the first record-breaking 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 inroads in real estate. WeWork announced in April that it will begin accepting Bitcoin for membership fees. Real estate investor Kent Swig also got into the cryptocurrency game, launching his own digital token tied to gold.






    Related Articles

    arrow_forward_ios
    Michael Nourmand (Facebook via Nourmand & Associates)
    Compass tries to recruit brokerage owner Michael Nourmand
    Compass tries to recruit brokerage owner Michael Nourmand
    Joel Singer (California Association of Realtos)
    California Association of Realtors CEO to retire
    California Association of Realtors CEO to retire
    PocketList shuttered after having formally launched in L.A. last July. (Getty, PocketList)
    Spencer Rascoff-backed rental listing platform shuts down
    Spencer Rascoff-backed rental listing platform shuts down
    Blackstone CEO Stephen Schwarzman (Getty, iStock)
    Blackstone buys San Diego apartment complexes in $1B deal
    Blackstone buys San Diego apartment complexes in $1B deal
    10745 W. Burbank Boulevard in North Hollywood (Google Maps)
    Developer eyes apartment complex in North Hollywood
    Developer eyes apartment complex in North Hollywood
    Rendering's of Byron Allen's future mansion. (Getty, Landry Design Group)
    Media mogul Byron Allen is building a Beverly Hills megamansion
    Media mogul Byron Allen is building a Beverly Hills megamansion
    City Councilman Gil Cedillo and Hillside Villa (Getty, Google Maps)
    LA explores ways to keep affordable rentals affordable
    LA explores ways to keep affordable rentals affordable
    Collage of the pre-approved ADU designs (LA Department of Building and Safety)
    LA to granny flats: We want you
    LA to granny flats: We want you
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...