The Real Deal Miami

Bitcoin mania continues: Investor buys multimillion-dollar Miami mansion in cryptocurrency

Sale marks the second known Bitcoin-Bitcoin real estate deal in Florida
By Katherine Kallergis | February 01, 2018 05:07PM

From left: Carol Cassis, Laura Keller and Stephan Burke

It only took about six months for Bitcoin investor Michael Komaransky to find a crypto buyer for his Miami mansion. On Thursday, he sold his home at 7350 Southwest 47th Court nearly entirely in Bitcoin for about $6 million, or what came out to roughly 455 Bitcoin, the agents involved in the sale told The Real Deal.

The deal marks the most expensive Bitcoin-to-Bitcoin real estate sale and only the second known transaction to close in Florida.

The 9,452-square-foot house hit the market in August for $6.5 million with listing agents Stephan Burke and Carol Cassis of Brown Harris Stevens. It went under contract Jan. 8, and the buyer made Bitcoin payments in increments. The agents said it came out to about 80 percent Bitcoin.

Pulse International Realty’s Laura Keller represented the buyer. Keller, along with Pulse owner and broker Rena Kliot, declined to identify the buyer, but said he is an early investor in Bitcoin. “It actually went rather smoothly. We had two parties with the same mindset,” Kliot said.

“This is the first Bitcoin sale in the country of this size,” Keller added.

Burke and Cassis hope the deal proves skeptics wrong. “We wanted to show those people that it’s possible to do [a high-end sale],” Cassis said. “It’s possible to do it in a legal frame, in a perfect way, when you have the right team doing it.”

A number of properties are now accepting Bitcoin, but only one known deal has closed in Florida. Burke and Cassis arranged that sale, $275,000 for a Miami condo purchased by a Bitcoin entrepreneur, which closed in December.

Because of statewide limitations, the latest deal will be recorded in dollars. The title company, attorneys, and agents are typically paid in dollars, as well.

The cryptocurrency’s volatility is a concern among most. As of Thursday, 1 Bitcoin was worth about $9,200. The cryptocurrency peaked in December at $19,500 and fell to about $9,000 in early January.

Komaransky previously said he tried to buy the house with Bitcoin, but the seller at the time wasn’t interested. Property records show he paid $4.6 million for the seven-bedroom mansion in 2014. The home sits on an acre of land near Coral Gables and features covered terraces, a chef’s kitchen, a summer kitchen, pool, basketball court and playground.