A Mansion Going on Sale for £17 Million in Bitcoin− Luxury Residential Area of Film Location
The luxury house sold for 17 million pounds. The condition proposed by the seller’s real estate company is said to be “buy in Bitcoin”.
The first Bitcoin real estate in the UK is a six-story supreme luxury house located near Portobello Road in Notting Hill. The price cost £17 million.
According to the exchange rate as of 14th, October 2017 (XE.com), £4,213 for 1 BTC, it is equivalent to about 4,600 BTC.
The ultimate goal of real estate trading is to shift their transactions using Bitcoin, eliminating the need for solicitors or property ownership (required for real estate trading).
The ambition of “becoming a Bitcoin pioneer”
Notting Hill is famous as the location of the movie “Notting Hill (1999)” starred by Julia Roberts and Hugh Grant. Although it is known as London’s luxury housing area, it has attracted a lot of attention to the public apartment’s fire disaster which had recorded 80 deaths this June. This is a mysterious town in the UK, with public housing located in the richest street and low-income houses.
According to the “Evening Standard” newspaper, the current owner is Mr. Lev Loginov, co-founder of the London Wall Real Estate Investment Company. He purchased the property with 9.5 million pounds in 2013.
Mr. Loginov, who has the ambition to become a pioneer in Bitcoin. He said he wants to change the Bitcoin’s future by using bitcoin for transactions in real estate sales.
Purchase by “an Asian tech entrepreneur who is familiar with Bitcoin”
The attempt to sell the luxury property in Bitcoin was carried out by Mr. Loginov’s company, London Wall. He expects “more efficient, concise and much quicker trading process than banks”.
This is not the first time trying to sell a luxury property that only accepts Bitcoin as payment in London. When the luxury mansion at Peckham in London went on sale for 1.7 million pounds, payment by Bitcoin was included as an option. However, it was sold in pounds eventually.
People who can afford to pay a luxury mansion priced at 19 million pounds in Bitcoin is limited at this time. According to Mr Loginov, he predicts that such a person will be “an Asian Tech entrepreneur familiar with Bitcoin.”
In addition, the concerning point is paying a commission fee a to real estate company and paying methods for stamp duty bill to the Her Majesty’s Revenue and Customs (HMRC). Neither from real estate companies nor HMRC accept tax payment by Bitcoin.
Aside from these issues, there seems to be a lot of problems to sort out. However, if large-scale real estate transactions with Bitcoin are successful, then it is no doubt that it would be a new way of trading for real estate.