$22.5 million Miami Beach penthouse paid for entirely with cryptocurrency

It’s the most expensive property to ever be paid for in cryptocurrency in US history

In this photo illustration, visual representations of digital cryptocurrencies Litecoin and Bitcoin are arranged on December 17, 2020 in Katwijk, Netherlands. (Photo by Yuriko Nakao)
In this photo illustration, visual representations of digital cryptocurrencies Litecoin and Bitcoin are arranged on December 17, 2020 in Katwijk, Netherlands. (Photo by Yuriko Nakao) (Getty Images)

MIAMI BEACH, Fla. – Just weeks after a prominent real estate developer announced it would accept digital assets as payment, one of the most expensive penthouses in the Miami Beach neighborhood of Surfside has been sold, and paid for, in cryptocurrency.

Yes, crypto.

According to Arte by Antonio Citterio, on May 27, a 5,067 square-foot penthouse in Miami Beach’s ultra-exclusive condo building, Arte by Antonio Citterio, sold for a whopping $22.5 million. While the sale is historic for the area in its own right (it’s the most expensive penthouse price per square foot sold in Surfside, according to developers) it was also purchased by an anonymous buyer entirely in cryptocurrency.

The sale has officially become the most expensive property to ever be paid for in cryptocurrency.

The Surfside penthouse was sold at $4,440.50 per square foot, making it the most expensive real estate transaction in Surfside, and the second highest real estate transaction in the city of Miami Beach since 2017.

Arte was developed by Alex Sapir and Giovanni Fasciano.

“There is strong pent-up demand for cryptocurrency transactions that are seamless and secure for both parties, and this deal is a prime example of that,” said Sapir, Chairman of Sapir Corp LTD. “We were overwhelmed by the amount of calls we received from qualified buyers just after announcing our ability to facilitate cryptocurrency transactions for the condominiums at Arte. 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.”

News of the sale comes just as Bitcoin 2021, a mega cryptocurrency conference, took over Miami-Dade County by storm. It also comes just as City of Miami Mayor Francis Suarez has spoken multiple times on his push for the Magic City to embrace the form of payment.

The penthouse comprises the entire ninth floor of the 12-story condominium, and features 360-degree views of the ocean, four bedrooms, four bathrooms, a powder room, a wine tasting bar, and walk-in closets “that are better described as dressing rooms.” The home includes a 2,960-square-foot oceanfront, wraparound terrace.

Prices at Arte by Antonio Citterio start at $10.8 million — or the equivalent cryptocurrency rate.

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