Miami Beach penthouse becomes America’s most expensive property paid for in cryptocurrency

Details on buyer and the specific cryptocurrency used remain unknown due to confidentiality agreements

Visual representation of Bitcoin cryptocurrency is pictured on May 30, 2021 in London (Getty Images)

A $22.5m penthouse in the Surfside neighbourhood of Miami Beach, Florida has set the record for becoming the largest known property deal in the US to be paid for completely in cryptocurrency.

On 27 May, an anonymous buyer purchased the 5,067-square-foot penthouse on the ninth floor of the 12-storey Arte Surfside building by Antonio Citterio, just weeks after the developer announced it would accept cryptocurrency as payment.

The penthouse consists of four bedrooms and four bathrooms, as well as a near 3,000-square-foot terrace with oceanfront views as its standout feature.

Arte Surfside also offers indoor and outdoor swimming pools, a gym and a yoga studio, along with a sauna and a steam room, as well as a “beachfront meditation pond”.

The luxury residence also comes with a children’s playroom, temperature-controlled parking spaces and a catering kitchen, as well as a rooftop tennis court. 

While the buyer and the specific cryptocurrency used remain unknown due to confidentiality agreements, the blockchain deal reportedly took less 10 days to close from start to finish.

Although buyers and sellers have closed large deals with Bitcoin as early as 2014, the latest purchase comes amidst a growing interest among brokerages to support cryptocurrency transactions.

London’s most expensive property at One Hyde Park recently announced that its £175m penthouse apartment could be bought in cryptocurrency, with the potential to make it the world’s largest known crypto real estate deal.

Start-ups like Propy train realtors and brokers to become “Crypto Certified Agents”, while some brokerages hire external experts to handle their crypto transactions.

However most developers and agents haven’t yet started accepting cryptocurrency as payment and require their clients to convert their crypto assets into cash for purchases.

“There is strong pent-up demand for cryptocurrency transactions that are seamless and secure for both parties, and the deal at Arte is a prime example of that,” Alex Sapir, a co-developer of Arte, told Forbes.

“We were overwhelmed by the amount of calls we received from qualified buyers just after announcing our ability to facilitate cryptocurrency transactions. Real-world crypto transactions haven’t made their way fully into the mainstream yet, so it’s clear that top holders around the world pay attention when new opportunities to transact open up,” he added.