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September 22, 2014

$7.85M Vegas Mansion Listed in Bitcoins

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$7.85M Vegas Mansion Listed in Bitcoins

An owner of a Las Vegas mansion says he’s willing to accept the online currency known as "bitcoin" in the sale of his home.

The home’s asking price of $7.85 million may be one of the most expensive homes ever marketed using the online currency.

“Bitcoin peer-to-peer trading began in 2009,” the Associated Press explains. “The value is purchased through an exchange web site with a mainstraim paper currency, such as dollars or euros, though trading isn’t government-regulated.”

Using the bitcoin currency may streamline international business deals, Julian Tosh, a consultant and owner of bitcoinsinvegas.com told the Las Vegas Review-Journal. “There are a bunch of people who have bitcoins, and they’re dying for a place to spend it.

As of Friday, a bitcoin was valued at about $870. 

One of the biggest risks with bitcoins is its volatility in value. "Locking in a price for such a large transaction is going to be kind of difficult," Tosh says. "If the value is changing 30 percent a day, how do you quantify that in a contract and expect each side to hold on for 30 to 90 days while escrow clears?"

Still, Jack Sommer, the commercial developer who owns the property, says his openness to the new currency helps in marketing the home. Sommer says he got the idea from two of his sons who have been involved in bitcoin trading. “The advantage is that we’re expanding our market and adding some notoriety,” Sommer says. 

The 25,000-square-foot remodeled mansion features marble from China, Iceland, and Brazil, a full basement, staff quarters, a secret garden, and 39 air conditioning zones. 

Source: “Home for Sale: Asking $7.85 Million, Bitcoin Welcome,” Las Vegas Review-Journal (Dec. 12, 2013) and “Vegas developer selling $7.85M mansion for bitcoin,” The Associated Press (Dec. 16, 2013)

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