Posted by Steve Shanafelt at August 8, 2014 in News Comments Off on Lake Tahoe home sells for $1.6 million — paid in BTC
The buyer of the property is unknown, having purchased the land through a trust, but Martis Camp spokesman Brian Hull told the WSJ that the buyer has plans to build a home on the site. According to Hull, it was the buyer who initially proposed the bitcoin-backed purchase. “When we originally heard the idea of bitcoin, everybody had a little pause,” Hull told the WSJ. “We weren’t educated at how the transaction would go.”
The transaction was handled through Atlanta-based bitcoin payment processor BitPay. BitPay representatives told the WSJ that this was the largest property transaction they’ve processed thus far, although by no means the largest purchase. A villa in Bali appear to hold the previous record for a bitcoin-related property purchase, selling for $500,000 in BTC earlier this year. The WSJ also noted several available properties seeking bitcoin-friendly buyers, including a $7.85 million, 25,000 square-foot home in Las Vegas.