One of the largest ever Bitcoin transactions took place in Estonia recently, when Finnish businessman Risto Pietilä bought the Malla manor in Lääne-Viru County. He said he plans to turn the complex into a hotel and center for enthusiasts of the virtual currency.

The complex is run-down, having only seen minor conservation work in the past century, and Pietilä told Eesti Päevaleht today that he will only renovate one part of the main building, with complete renovations to be launched after Bitcoin's value increases.

The manor was previously owned by a Finnish couple, who bought it for a million kroons (64,000 euros) at the end of the 1990s.

Pietilä said he paid close to the asking price of 960,000 euros, and not strictly in Bitcoins, having converted the virtual currency to euros shortly before the transaction.