Miami-area penthouse sells for $22.5 million in cryptocurrency. Is it a record?
A penthouse in north Miami-Dade has sold for what is believed to be a record price for a real estate sale executed in cryptocurrency.
The 5,067-square-foot residence, at the Arte Surfside at 8955 Collins Ave., sold for $22.5 million, or $4,440.50 per square foot. It has a total of four bedrooms, four bathrooms and one half bathroom. The buyer was not disclosed.
In an interview, Arte developers Alex Sapir and Giovanni Fasciano said accepting cryptocurrency has gone beyond a marketing ploy to now being a near-requirement to attract the next generation of luxury home buyers.
“It became apparent that there’s a whole generation buying crypto that isn’t being embraced by lots of communities, let alone real estate,” Sapir said. “This was about a mindset about attracting a new class of investors.”
The type of cryptocurrency used in the sale was not disclosed. Wednesday, the price of one bitcoin hit approximately $36,500. At that price, the residence would be worth about 616 bitcoin.
Designed by Italian architect Antonio Citterio, best known for the Bulgari Hotels in Milan and Shanghai, Arte features two swimming pools, a beachfront meditation pond, rooftop tennis court, kids area and spa with a yoga studio, sauna and steam room.
While a host of properties, including many in Miami, have announced they now accept cryptocurrency as a form of payment prior to the Arte sale, Arte’s developers believe the record sale could kick off a much broader trend of developers aggressively courting crypto buyers.
“We think our sale will serve as motivation for real estate and other industries,” Fasciano said. “Right after the sale, was announced, we saw others announce they would begin accepting cryptocurrency, especially in the hospitality industry.”
The buyer will have well-known neighbors, including Jared Kushner and Ivanka Trump — the couple are renting a condo unit, while awaiting the completion of a house on Indian Creek Island — and Sunrise Brands founder Gerard Guez and his wife Jacqueline Rose. Only three units out of Arte’s 16 remain for sale.
Arte is located on the beachfront, just south of luxury condos Four Seasons Residences at The Surf Club and Fendi Chateau Residences.
Buyers come for the neighborhood’s proximity to Bal Harbour Shops, Miami Beach, Aventura and Golden Beach, said Jill Hertzberg, broker-associate at the Jills Zeder Group. Her firm has nearly 50 condo listings in the area.
“People like new and all these buildings are brand new with the newest amenities,” Hertzberg said. “The brand recognition such as Four Seasons is also a major driver. The neighborhood is changing in some ways with the ultra-luxury new construction, but there are also much more affordable options in the Surfside single-family homes and the adjacent older buildings.”
The sale was first reported by Forbes.
This story was originally published June 10, 2021 at 12:00 AM.
