$65m Beverly Hills mansion can be bought with Bitcoin and boasts a moat, ancient tree and voice-controlled everything
A $65MILLION Beverly Hills mansion that boasts a moat, an ancient olive tree and a 2,500-bottle wine cellar can now be bought using Bitcoin.
California real estate agents Compass will accept the Bitcoin equivalent to take the property – known as Elementi – off the market.
"Crypto is something the sellers are very interested in," listing agent Aaron Kirman tells Forbes.
"It’s a growing movement that I believe will be incorporated into the residential sphere".
Buying houses with cryptocurrency is on the rise in America.
Just last month, house-hunters purchased Miami's most expensive Penthouse, worth $22.5million, with crypto.
In 2014, a Lake Tahoe property told for $1.6million in Bitcoins.
Kirman says more buyers are coming forward using the virtual currency "which we have not seen at any level before".
"I believe that escrow should not take six months, escrow should take three days," says Chen, the home’s developer and a cryptocurrency investor himself.
Chen, who is also one of the listing agents, believes cyrpto is the way of the future.
"Historically, it’s still on such an old system. Now, you can transfer $10 million in two seconds versus going through a central bank."
1108 Wallace Ridge is located in the swanky Trousdale Estates neighbourhood, which is gated community home to celebrities like Jennifer Aniston, Ellen DeGeneres and Jane Fonda.
The California home has a modernist-style design, a 15-foot waterfall, an entryway bridge and a 150-year-old, 15-feet ancient olive tree imported from Tuscany.
5 risks of crypto investments
BELOW we round up five risks of investing in cryptocurrencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
Movers had to shut down an entire street to get the tree in.
The home spans 18,000 square feet and has seven bedrooms, as well as a master quarter with a cantilevered balcony, a 2,000-bottle wine cellar, a wellness center, gym, office, home theatre and a moat.
It also has the world's most advanced voice command system called Josh installed in it.
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