Nov 24, 2018 at 13:17 // News

Coin Idol Author

Representing itself as a true blockchain hub, Malta has been a home country to many crypto enthusiasts. One of them has put up for sale his ancient mansion that cost nearly $3 million. The palazzo is located in the country’s capital, Valletta, and can only be bought for virtual coins.

The Exclusive Palazzo

"It has been reinforced to ensure stability while maintaining its authenticity and traditional appeal," Bitcoinist reported on Wednesday, citing Fitzpatrick, who is asking for 560 bitcoins for the property.

The owner of the palazzo, Ian Fitzpatrick, informs that this is a historic building that was founded 421 years ago. The ground area contains enormous 9,250 square feet that could be used for various purposes, including an office space and a hotel. All the necessary permits for commercial activity are received.

With 18 bedrooms, a courtyard, and underground structures built in old palazzo style, the mansion is the perfect choice for architecture admirers. Besides, its location on Republic Street, close to Valletta’s main square, is very beneficial, as there are many banks and offices nearby. Real estate agents dealing with the sale of the property confirm that the place is perfect for a boutique hotel, an embassy, or even a housing project.

The Owner’s Peculiar Demand

Mr Fitzpatrick is happy to sell the property but with one specific requirement. The purchaser must pay him for the house in cryptocurrency. However, it may be a slightly inconvenient method of payment for a buyer, given the high rates of digital currency volatility. It means that when time to close the deal comes, the number of coins needed to perform the transaction might rise drastically. This crypto market feature is not a surprising one. For instance, the bitcoin price rapidly fell from $7,000 in early September to $4,400 in mid-November. Last November, bitcoin value had been above the mark of $8,000 and the next month it jumped to nearly $20,000.

The palazzo in the center of Malta is not the only house up for sale in crypto. Cryptohomes, a real estate firm that is dealing with Mr Fitzpatrick’s mansion, has one more chic property to offer potential buyers. The price for a classy villa in Tenerife, Spain, is 595 bitcoins.