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Florida Penthouse Bought With Crypto Sells for $18 Million Cash
The deal for the Surfside condominium, which last sold for $22.5 million, comes as crypto-millionaires and billionaires pull back from the luxury market
In June 2021, when the cryptocurrency markets were soaring, the developers of the Arte condominium in Miami’s Surfside neighborhood announced that a buyer had purchased a penthouse there for $22.5 million in cryptocurrency. The deal, one of the most expensive ever done using digital coins, was heralded as evidence that cryptocurrency would eventually become commonplace in the real-estate world.
Now, with the crypto markets crashing back to earth after the implosion of the cryptocurrency exchange FTX, that same buyer has resold at a loss for $18 million. The deal closed for 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 was lowered several times. It was most recently asking $19.9 million.
Records show the seller was a company named Chain Inc. On its website, Chain Inc. described itself as a blockchain-based technology company founded in 2014 with a mission to enable a smarter and more connected economy. It wasn’t clear if the unit was owned by the company or one of its executives. The company’s chief executive, Deepak Thapliyal, couldn’t immediately be reached for comment.
The identity of the buyer couldn’t be determined.
The deal comes as real-estate agents across the country report that the newly minted crypto-millionaires and billionaires who flooded the real-estate market earlier this year are stepping back. It also coincides with a wider pullback in the crypto markets: The price of Bitcoin has dropped more than 70% from its peak late last year and crypto fund asset managers saw investors withdraw almost $20 billion in November, The Wall Street Journal reported.
The apartment comprises Arte’s ninth floor and has 360-degree views of the ocean, shoreline 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 an oceanfront, wraparound terrace. The furniture was included in the deal, Mr. Hertzberg said.
Arte is perhaps best known as the home of Ivanka Trump and her husband, Jared Kushner, who rented there after leaving the White House. The building’s amenities include indoor and outdoor swimming pools, a beachfront meditation pond, tennis court, fitness center and yoga studio.
Mr. Hertzberg and Craig Heger at Echo Fine Properties represented the seller. Oren Alexander of Official represented the buyer.
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