Florida penthouse bought from crypto sells for $18M in cash

More signs are pointing to a crippled crypto market.

In the summer of 2021, when cryptocurrencies soared, several developers announced that properties across the country were being bought in cryptocurrencies.

But now, as these crypto-millionaires and crypto-billionaires slowly move away from digital currency – and especially FTX Blast – His properties are following suit.

An exclusive pad located at Arte Condominiums in Surfside, near Miami Beach, sold for $22.5 million in bitcoin in June 2021, The Post previously reported. (If you’ve heard of the building, it’s because it’s Ivanka Trump and Jared Kushner’s rented a huge house After leaving the White House.)

Now, more than a year later — the seller, who bought the home under his company, Chain Inc., a blockchain-based technology company founded in 2014 — sold the residence for $18 million in cash, according to The Wall Street Journal. informed earlier,

great room.
great room.
1 Oak Studio
dining area.
dining area.
1 Oak Studio
kitchen.
kitchen.
1 Oak Studio
One of the four bedrooms.
One of the four bedrooms.
1 Oak Studio

It was first listed in September 2021 for $28 million, three months after the current owner bought the place, before it received multiple price cuts.

The price of bitcoin has fallen by more than 70% since its peak at the end of last year. Meanwhile, the crypto fund asset manager saw investors pull out nearly $20 billion in November, The Journal reported.

Located on the building’s ninth floor, the residence spans nearly 5,000 square feet, and features four bedrooms and five bathrooms—including a nearly 3,000-square-foot wraparound terrace.

Newly built in 2020, amenities include 10-foot-high ceilings, travertine stone in the bathrooms, and blackout window treatments in all rooms.

A view of the open floor plan.
A view of the open floor plan.
Douglas Elliman
kitchen.
kitchen.
Douglas Elliman
Wraparound terrace of approximately 3,000 sq. ft.
Wraparound terrace of approximately 3,000 sq. ft.
Douglas Elliman
Primary bathroom.
Primary bathroom.
Douglas Elliman

The residence also offers 360-degree views of the city, ocean and shoreline, including a wine tasting bar with ocean views.

Full-service luxury building amenities include a rooftop tennis court, indoor and outdoor heated pools, a children’s game room, and a spa. It also comes with direct beach access.

Danny Hertzberg of Coldwell Banker Realty has the listing with Craig Heger of Echo Fine Properties.

“The best feature of the lower penthouse is the size of the grand living room. It’s the largest room in the property, trumping the living room space of the upper penthouse,” says Ryan Farbstein who initially sold the home—along with his brother, Max Farbstein, Both with Douglas Elliman – the mystery crypto owner, as pointed out in an earlier post.

“From the classic European apartments of the 1920s and ’30s, Italian modernist master Antonio Citterio combines architectural virtuosity with a purist sensibility,” said Max.

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