Luxury homeowner says he’ll accept part payment in bitcoin for $45M listing



The world’s largest cryptocurrency by market cap, Bitcoin, is becoming increasingly accepted in real estate. At the weekend, one luxury homeowner made headlines when he told media he’s willing to accept payment in Bitcoin for a $45 million, 9,000 square-foot beachfront home in Malibu, California, that was recently listed.

“I’ve been interested in cryptocurrencies since they started, and I’m always watching what’s going on,” Wei Tzuoh Chen told CNBC. “It’s going to be the future. It just depends which one is going to be stabilized in the current market.”

Chen added that he’s already invested in cryptocurrencies, but he admitted that some of his neighbors think he’s a little crazy to accept bitcoin for his home sale. For his part, he acknowledged that Bitcoin does come with some risk, as it is unregulated.

“According to the current situation, if you buy the property with cryptocurrency, it’s difficult to identify the cost of the real estate because the price fluctuates so much,” Chen said. “The government will have a hard time to tax or put a value on the house you are going to sell.”

The majority of bitcoin real estate buyers are located outside the U.S., Chen said. “For this type of house and this amount, I think we’ll attract more international buyers than from our country,” he said.

Chen is hopeful of attracting bidders in any case, as he says crypto millionaires who may want to cash out will probably consider real estate as one of the safest ways to do so. However, Chen said he’ll only accept part payment in bitcoin due to its volatility, so whoever is interested will also have to stump up a few million dollars in addition to crypto.

“I’m not saying it’s safe,” Chen said. “I’m just willing to take the risk for investment. Just like everybody else.”

Chen’s home was designed by the architect Ed Niles and stands out from other homes in the area. It has multiple angles in every direction and the exterior walls are mostly windows.

About Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

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