One of the growing trends in the world of cryptocurrency for the last couple of years has been the willingness of some individuals to accept cryptocurrency for the purchase of real estate. Reports indicate that in 2017, a cryptocurrency advocate expressed a willingness to accept Bitcoin in payment (whether or not Bitcoin prices plummet) for his property worth £80,000. According to another report, owners of Aston Plaza & Residences located in Dubai sold as many as 50 apartments to the owners of Bitcoin, early this year.
A mansion up for sale
A $38 million 16th century Palazzetto mansion located in Rome is up for sale and guess what? It is being auctioned by Richard Hilton, the chairman of Hilton & Hyland and father of American reality TV personality Paris Hilton who is willing to accept Bitcoin in payments for the mansion.
This mansion is allegedly connected to the Palazzo Grande and together, they constitute what is commonly called the Palazzo Albertoni Spinola. This mansion comprises three kitchens, a gym, a movie theatre and a spa.
It has been reported that the owners of the property sought Hilton`s assistance in selling this mansion to an individual or group of persons who might be interested in owning such a mansion. In his quest to render that assistance, Hilton entered into a partnership arrangement with Propy, a real-estate crypto platform. The latter will be required to host the auctioning event on its platform, per the terms of the partnership.
June 28 (3 PM ET) happens to be the scheduled date and time for this momentous event. Interested individuals will be allowed to make bids either in US dollars or cryptocurrency. However, this will only be possible after such individuals have created accounts on Propy. According to Hilton, “the auction shows real estate’s growing trust in blockchain and provides crypto investors an opportunity to diversify and solidify their portfolio with a trophy asset.”
Involvement with Blockchain and Cryptocurrency
Reports suggest that the Hilton`s have at one time or the other been involved with blockchain and cryptocurrency projects. The sale of the mansion isn`t the first Richard Hilton has been involved with. In May 2018, he was appointed senior adviser for AQUA Intelligence, a blockchain-based data driven platform.
In 2017, his daughter, Paris Hilton was actively involved in promoting Gravity4`s Lydian token with the hastag #ThisIsNotAnAd. Reports suggest however, that Paris deleted all her tweets shortly after news broke of the CEO of Gravity4, Gurbasksh Chahal`s involvement in some legal issues.
Former attorney at Capital Fund Law, Beth-ann Roth was very much on point when she reportedly asserted the need for celebrities to be fully abreast with a product prior to making any endorsement of same. She explained that celebrities who throw caution to the wind may soon be slapped with charges for promoting fraudulent investment schemes.This caution holds merit especially when the US Securities and Exchange Commission (SEC) has in the past noted the influence celebrities bring to bear on the general public when they make product endorsements.
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Image from The Coin Shark