Christie's Opens Cryptocurrency Payment Channel, Allowing Wealthy Clients to Go 'Off the Grid'
Original Title: Christie's Debuts Crypto Real Estate Division
Original Source: New York Times
Original Translation: Bitpush News
One of the largest luxury brokerage firms in the United States is establishing a specialized division that will allow buyers to purchase real estate using digital currency.
Christie's International Real Estate has become the first major brokerage firm to assemble a professional team to handle real estate transactions with purely digital payments. The team, comprised of lawyers, analysts, and crypto experts, will provide both buyers and sellers with bank-independent transaction services, a move that comes as cryptocurrency is increasingly integrated into the mainstream financial system.
The CEO of a Christie's subsidiary based in Los Angeles, Aaron Kirman, announced the establishment of this division on Thursday.
Over the past two years, he has already completed several high-value transactions, including a $65 million purchase of a Beverly Hills estate where the buyer requested the seller to accept cryptocurrency instead of traditional US dollars.
Aaron Kirman
The seller agreed, and Kirman has also felt the shift in the market.
In an interview, Kirman stated: "The trend is obvious—cryptocurrency is here to stay. Over the next few years, it will only get bigger."
The Trump administration and Washington have been supportive of digital currency. Last week, US President Trump signed the landmark Genius Act, which outlines federal rules for stablecoins, a popular form of digital currency designed to maintain a $1 price.
Additionally, last week, the House passed the Clarity Act, significantly strengthening the industry by protecting it from aggressive regulation. The bill is currently before the Senate.
These bills come on the heels of a series of executive actions and regulatory reforms in Washington, all of which have greatly benefitted the Trump family. It's estimated that his cryptocurrency wealth has soared to as much as $7.1 billion, and his family's cryptocurrency venture, World Liberty Financial, is thriving.
With the staunch support of Trump, cryptocurrency — once seen by many as obscure or risky — has now gained recognition in Washington and is poised to take over the real estate market.
In June of this year, both Fannie Mae and Freddie Mac were instructed to consider cryptocurrency investments as a key part of the portfolio for mortgage applicants.
According to a recent Gallup poll, approximately 14% of U.S. adults now own at least some cryptocurrency.
Kohman noted that while real estate transactions using cryptocurrency are still rare, digital currency is increasingly being offered as a form of payment, especially among the affluent who could otherwise pay all cash.
The significant appeal of cryptocurrency is its ability to allow buyers to fully shield their identities, something that can be difficult to achieve in other circumstances.
The "Invisible House" of the Joshua Tree will also accept cryptocurrency payments, valued at approximately $18 million. Image Source: One Shot Productions
Celebrities, royalty, and the wealthy have long purchased homes through limited liability companies (LLCs) to minimize the paper trail of their home and investment ownership. But fans and internet sleuths excel at connecting LLCs to the celebrities behind them, and this sales information often leaks.
For example, in 2023, Beyoncé and Jay-Z purchased a $200 million home in Malibu through an LLC, breaking California real estate records, but the news quickly made headlines.
Kohman noted that he has completed multiple transactions where the seller did not know the buyer's identity. He said that the seller's attorney would communicate with the buyer's representative to ensure that the transferred funds are not of illicit origin.
He now has a portfolio of homes whose sellers are willing to accept cryptocurrency, stating that the total value of these homes exceeds $1 billion.
These include a $118 million mansion in the Bel Air district of Los Angeles, nicknamed "La Fin"; a $63 million Beverly Hills mansion designed by Woods and Dangaran, called "Nightingale"; and the uniquely minimalist "Invisible House" nestled in Joshua Tree, with a mirrored exterior that makes it appear to vanish into the desert.
Coleman said that the Bel Air property, valued at $118 million, is the most expensive home to be listed for cryptocurrency to date. Image Source: One Shot Productions
"Accepting cryptocurrency shows that we are open to innovative buyers, some of whom are cryptocurrency millionaires and billionaires looking to diversify into real-world assets," said Chris Hanley, owner of the 'Invisible House.' He has listed the property for sale at a price of $17.95 million.
In a new division working with Christie's, buyers are also using limited liability companies, but they are setting up these companies with cryptocurrency instead of bank deposits, making the tracing process more difficult.
Mr. Coleman said he is currently in negotiations with several major banks to start accepting cryptocurrency for homes that need financing, estimating that within five years, cryptocurrency transactions will account for over a third of all residential real estate transactions in the United States.
"We have been very successful in protecting buyer identities," Mr. Kellman said of the transactions he has completed with cryptocurrency. "If my sellers don't mind buyers being anonymous, then thank God bless America."
Welcome to join the official BlockBeats community:
Telegram Subscription Group: https://t.me/theblockbeats
Telegram Discussion Group: https://t.me/BlockBeats_App
Official Twitter Account: https://twitter.com/BlockBeatsAsia
Related Articles
