At a time when the cryptocurrency market is experiencing one of the biggest corrections ever, bitcoin (BTC) and cryptocurrency trader, Michael Komaransky has sold his seven-bedroom mansion located in a choice neighborhood in Miami, United States, for 455 BTC (worth $3.2 million at the time of writing).
As reported by The Real Deal, Michael Komaransky the mansion has been up for sale since August 2017, with an asking price of $6.5 million. However, the successful crypto investor stated he was open to both fiat money and bitcoin payment methods.
Komaransky said he decided to accept bitcoin, in order to shame those who believe the cryptocurrency cannot be used to pay for real-world goods and services.
While he’d have been glad to receive a cash payment in US dollars, he vigorously prayed someone would actually pay for the property in bitcoin because it is a decentralized currency, moreover, of what use is a currency if it cannot be spent buying tangible goods.
Fast forward to 2018 and the bitcoin enthusiast’s sale wish has come to pass. Komaransky officially handed over the mansion to its new owner for 455 bitcoin, which was equivalent to approximately $6 million on February 1, 2018.
According to listing agents Stephen Burke and Carol Cassis of Brown Harris Stevens, the property went under contract on January 8, 2018, and the buyer made bitcoin payments incrementally until it amounted to 80 percent bitcoin.
Laura Keller of Pulse International Realty represented the buyer. Keller, and the founder of Pulse, Rena Kliot, who is also a broker, refused to disclose the identity of the buyer but hinted he’s an early bitcoin investor:
“It actually went rather smoothly. We had two parties with the same mindset. This is the first bitcoin sale in the country of this size.”
Burke and Cassis hope the successful deal will make skeptics know that cryptocurrencies are not all about money laundering and illicit trade.
“We wanted to show those people that it’s possible to do a high-end sale. It’s possible to do it in a legal frame, in a perfect way, when you have the right team doing it,” Cassis declared.
Komaransky said he initially tried paying for the house in bitcoin, but the seller refused accepting cryptocurrency payments. Real estate records show he paid $4.6 million in 2014, for the seven-bedroom edifice which is adjacent to Coral Gables and sits on an acre of land.
Back in December, Cassis and Burke also sold a property to a Florida-based bitcoin entrepreneur for $275,000 which was paid entirely in the cryptocurrency. As the cryptocurrency markets becomes more regulated, it is expected that there will be many more real estate and other huge deals closed in bitcoin and possibly altcoins too.