High-profile real estate investor Grant Cardone has listed a residential luxury property in Golden Beach, Florida, on the Propy blockchain-based real estate platform with an asking price of $42 million – and buyers will be able to use Bitcoin for their purchase.
The transaction is the first proptech venture for Cardone, who listed the property on the Propy marketplace with the deed minted on-chain. The 10,275-square-foot residence was built in 2007 and it encompasses seven bedrooms, eight bathrooms and 100 feet of private beachfront access with a beach cabana.
The property last changed hands in June 2021 for $24 million.
“We are all in on blockchain revolutionizing real estate,” said Cardone in a press statement. “We are leveraging top-tier technology to make transactions seamless and unstoppable. This is the future of real estate, and we’re leading the charge.”
“It is a privilege for us to be the platform of choice for high-end property sellers, enhancing our offering to our community of high net-worth individuals, investors, and crypto buyers,” said Natalia Karayaneva, founder and CEO of Propy. “With Propy’s advanced blockchain rails, compliant crypto and dollar payments, and unwavering focus on privacy, our clients can confidently navigate the closing process. The inclusion of Cardone’s listing in Bitcoin and U.S. dollars on Propy, minted with our latest privacy deed feature, highlights our leadership in the intersection of real estate and crypto.”
;
Interesting story. I understand the appeal of blockchain for property deed records (transparency and eliminating the need for title insurance), but am at a loss understanding the MLS application.
Would a “deed minted online” be recordable in Florida property records? If not, will the buyer (using crypto or otherwise) really own the real estate asset?
If Florida doesn’t recognize the legal sale of this real estate, did it really happen at all?
The entire block chain process is set up so that every aspect of the real estate transaction is compliant as per present procedures and recordings.
Whoever buys the property and transacts in crypto currency will have their crypto converted at the time of execution of escrows or payments to US$, therefore the entire transaction falls under the present customary execution.
The system will continue evolving and that is where all industries are headed, transparent block chain contracts, it will take some time, but it is coming.
As far as your concerns regarding this specific transaction, we will all have to monitor until it is factually recorded sold, and no, owning it by paying with a token (without exchanging it for a stable coin converted into Fiat currency) is not not be possible.