Christie's launches new business: buying a house in cryptocurrency, opening a new era of digital payment

"Accepting cryptocurrencies shows that we are open to innovative buyers, some of whom are crypto millionaires and billionaires looking for real-world assets to diversify their investments."

Source: The New York Times

Compiled and organized by: BitpushNews

One of the largest luxury real estate brokerage firms in the United States is establishing a dedicated department to allow buyers to purchase real estate using digital currencies.

Christie's Launches New Business: Buying Houses with Cryptocurrencies, Ushering in a New Era of Digital Payments

Christie’s International Real Estate has become the first major brokerage firm to form a professional team to handle real estate transactions with pure digital payments. The team, consisting of lawyers, analysts, and crypto experts, provides bank-independent transaction services for both buyers and sellers. This move comes as cryptocurrencies are accelerating their integration into the mainstream financial system.

Aaron Kirman, CEO of a Los Angeles-based subsidiary of Christie's, announced the establishment of the department on Thursday.

Over the past two years, he has completed several large transactions, including the purchase of a $65 million Beverly Hills property where the buyer requested the seller to accept cryptocurrency instead of traditional U.S. dollars.

Christie's Launches New Business: Buying Houses with Cryptocurrencies, Ushering in a New Era of Digital Payments

Aaron Kirman

The seller agreed, and Kirman also felt the changes in the market.

In an interview, Kirman said, "The trend is obvious - cryptocurrencies are here to stay. In the next few years, they will only get bigger."

The Trump administration and Washington have been supportive of digital currencies. Last week, U.S. President Trump signed the landmark "Genius Act", which outlines federal rules for stablecoins, a popular type of digital currency designed to maintain a price of $1.

The House of Representatives also passed the "Clarity Act" last week, which will significantly strengthen the crypto industry by protecting it from aggressive regulation. The bill has now been submitted to the Senate.

These bills come after a series of administrative actions and regulatory reforms in Washington, all of which have benefited the Trump family. It is estimated that his cryptocurrency wealth has increased to as much as $7.1 billion, and his family's cryptocurrency business "World Liberty Financial" is also thriving.

With strong support from Trump, cryptocurrencies - once regarded by many as obscure or risky - have now gained recognition in Washington and are about to sweep the real estate market.

In June this year, both Fannie Mae and Freddie Mac were instructed to consider cryptocurrency investments as a key part of homebuyers' portfolios when applying for mortgages.

According to a recent Gallup poll, about 14% of U.S. adults now own at least some cryptocurrency.

Kirman said that although real estate transactions using cryptocurrencies are still rare, digital currencies are increasingly being offered as a form of payment, especially among wealthy people who could have paid in full cash.

The great appeal of cryptocurrencies is that they allow buyers to fully protect their identities, which can be difficult to achieve in other situations.

Christie's Launches New Business: Buying Houses with Cryptocurrencies, Ushering in a New Era of Digital Payments

The "Invisible House" in Joshua Tree will also accept cryptocurrency payments, valued at approximately $18 million. Image source: One Shot Productions

Celebrities, royals, and the wealthy have long bought houses through limited liability companies (LLCs) to minimize paper records of their homes and investments. But fans and internet detectives are good at linking LLCs to the celebrities behind them, and information about these sales often leaks.

For example, in 2023, Beyoncé and Jay-Z bought a $200 million house in Malibu through an LLC, breaking California's real estate record, but the news soon made headlines.

Kirman said he has completed several transactions where the seller did not know the identity of the buyer. He said lawyers hired by the seller would communicate with the buyer's representative to ensure that the transferred funds were not illegally obtained.

He now has a portfolio of houses whose sellers are willing to accept cryptocurrencies, and he said the total value of these houses exceeds $1 billion.

These include a $118 million mansion in the Bel Air area of Los Angeles, nicknamed "La Fin"; a $63 million Beverly Hills mansion designed by Woods and Dangaran, named "Nightingale"; and the unique minimalist "Invisible House" in Joshua Tree, whose mirrored exterior makes it look as if it disappears into the desert.

Christie's Launches New Business: Buying Houses with Cryptocurrencies, Ushering in a New Era of Digital Payments

Kirman said the $118 million "La Fin" mansion in Bel Air is the most expensive home listed for sale with cryptocurrency to date. Image source: One Shot Productions

"Accepting cryptocurrencies shows that we are open to innovative buyers, some of whom are crypto millionaires and billionaires looking for real-world assets to diversify their investments," said Chris Hanley, the owner of the "Invisible House", who has listed the property for sale at $17.95 million.

In the new department cooperating with Christie's, buyers are also using LLCs, but they are setting up these companies using cryptocurrencies instead of bank deposits, which makes the tracking process more difficult.

Mr. Kirman said he is currently in negotiations with several major banks, hoping to start accepting cryptocurrencies for houses that require financing, and he estimates that within five years, cryptocurrency transactions will account for more than one-third of all residential real estate transactions in the United States.

"We have been very successful in protecting buyers' identities," Mr. Kirman said of the transactions he has completed with cryptocurrencies so far. "If my sellers don't mind the buyer being anonymous, then God bless America."

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