Via Zerohedge

Authored by Marie Huillet via,

Real estate tycoon Ben Shaoul has sold a retail condo in Manhattan’s prestigious Upper East Side for $15.3 million in Bitcoin. The news was reported by New York real estate magazine The Real Deal on Nov. 1.

image courtesy of CoinTelegraph

Shaoul – who is president of the Magnum Real Estate Group – sold the 11,400-square-foot property to a Taiwan-based entity “Affluent International LCC,” according to a person familiar with the deal.

Luxury properties increasingly bought and sold for BTC

While Shaoul himself has reportedly declined to comment, Eric Hedvat — a broker with Jet Real Estate, which represented Magnum in the deal — characterized the transaction as “a seamless process.”

Magnum reportedly went into contract with two other buyers in the same building using Bitcoin in 2018 — one for a 624-square-foot studio at an asking price of $875,000 and the other a 989-square-foot one-bedroom at $1.48 million.

Another of Shaoul’s residential developments had been listed with an option to purchase using Bitcoin but was eventually sold for cash to Bronx-based investor Martin Shapiro last year for $82 million.

Beyond Magnum, the Real Deal notes that Brooklyn-based rental management company announced in 2018 that it would be accepting cryptocurrency as payment.

A current listing for a $29 million property on the Upper East Side, marketed by Corocan, notes the seller will “accept payment in Bitcoin, Ethereum, or Ripple.”

Use Bitcoin to buy a 19th-century English church

Earlier this fall, Cointelegraph reported that a 150-year-old English church was listed for sale at $1.5 million, either in Bitcoin or fiat currency.

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Blockchain, the technology underpinning Bitcoin, is also increasingly being implemented to cement ownership rights for real estate and business in order to mitigate fraud in land registries.