Richard “Rick” Hilton, chairman of Hilton & Hyland, announced he will be selling its $38 million Palazzetto mansion in a cryptocurrency auction. Located in Rome, the impressive 16th-century mansion has 11 bedrooms and 15 bathrooms.
for Sale: Bitcoin for $38 Million Mansion
The winner of the auction will get to live in the property that comprises of three kitchens, as well as a movie theatre, a spa, and a gym. The estate is also connected to the Palazzo Grande and together they are known as the Palazzo Albertoni Spinola.
The current mansion owners solicited Hilton & Hyland’s help in finding someone who would be interested in purchasing the mansion.
The event will be hosted by Hilton and its international partner, real-estate crypto platform Propy. The auction is scheduled to happen on June 28 (3 PM ET), with registration being available until June 27. Bids can be made in US dollars or cryptocurrency after signing up an account on Propy.
“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,” said Hilton.
Recently, a growing number of people have begun accepting cryptocurrency payments for real estate transactions. Dubai- based Aston Plaza & Residences succeeded in selling 50 apartments for Bitcoins in February 2018. Just last year a property worth £80,000 was also put up for sale in exchange for bitcoins. The owner stated that even if bitcoin’s price fell, he would still respect the agreement.
The Hilton’s Interest in Cryptocurrency
This isn’t the first project of blockchain nature that has been backed by Rick Hilton. In May 2018 he became the senior advisor for blockchain-based data platform AQUA Intelligence. And it seems that he isn’t the only Hilton member to be involved in blockchain.
Last year, his daughter, Paris, endorsed Gravity4’s Lydian token with the hashtag #ThisIsNotAnAd. However, when it was made public that Gravity4 CEO Gurbasksh Chahal was involved in legal problems, Hilton deleted all her tweets that were related to LydianCoin.
After other crypto scams were exposed, SEC observed that celebrity endorsements definitely generated more interest in the general public.