A Beverly Hills Estate Is Asking $65 Million, or The Bitcoin Equivalent, To Take It Off The Market
Multimillion-dollar homes in Beverly Hills aren’t rare, but this $65 million Beverly Hills estate at 1108 Wallace Ridge (called Elementi) in the exclusive Trousdale Estates neighborhood, is officially accepting the Bitcoin equivalent to take it off the market.
“Crypto is something the sellers are very interested in, and it’s a growing movement that I believe will be incorporated into the residential sphere,” says listing agent Aaron Kirman of Aaron Kirman Group at Compass, who is co-listing the property with developer Michael Chen and Adam Rosenfeld at Compass.
Purchasing real estate with cryptocurrency is on the rise, and America’s largest-known cryptocurrency deal happened in Miami in June with the sale of the city’s most expensive penthouse, valued at $22.5 million. While purchasing real estate with cryptocurrency dates as far back as 2014, it hasn’t quite infiltrated the mainstream.
“We are seeing a trend, certainly with sellers, that are now much more open to taking cryptocurrency and open to that type of transaction, which we have not seen at any level before,” Kirman says.
While Kirman reiterates they are not here to change the system, he does find it interesting that more and more sellers are willing to take alternate forms of currency.
“I believe that escrow should not take six months, escrow should take three days,” says Chen, the home’s developer and a cryptocurrency investor himself. “Historically, it’s still on such an old system. Now, you can transfer $10 million in two seconds versus going through a central bank.”
The home was built by Chen, founder of Luxford Development Group, in the exclusive Trousdale Estates neighborhood, a private gated enclave home to celebrities like Jennifer Aniston, Elvis Presley, Ellen DeGeneres and Jane Fonda, as well as tech founders and executives. Chen, who has designed sets for Warner Brothers, as well as furniture in Milan and other luxury developments in Southern California, started building the home six years ago.
He is also the President of the Asia-Pacific International Division of Aaron Kirman Group at Compass and serves as one of the listing agents for the property. Chen feels very comfortable accepting cryptocurrency because he believes it to be the future.
The California modernist-style home was designed in collaboration with SAOTA Architects and focuses on ultra-luxe craftsmanship. Initially inspired by a trip to Big Sur, the home incorporates natural elements, like a 15-foot waterfall, an entryway bridge and a 150-year-old, 15-foot ancient olive tree imported from Tuscany.
“The way I designed this house was I wanted to have a very circular flow,” Chen says. “Most of the homes at this size can feel overwhelming,and sometimes a lot of the spaces aren’t very well used. I wanted a serene courtyard that the house surrounds itself in, which is where the ancient olive tree is. I call this tree the life of the house.”
The home spans 18,000 square feet and has seven bedrooms, including an entire master quarter with a cantilevered balcony. There is also a dramatic foyer; a great room with marble details; a kitchen with Gaggenau appliances, Dada cabinetry; and a 14-foot leathered marble island. There is also a butler’s kitchen, a 2,000-bottle wine cellar, wellness center, gym, office and home theater. There is also a half-length Olympic-size swimming lane integrated into the massive pool. Indoor-outdoor living reigns supreme.
“We imported the stone, millwork, doors, the vanity, furniture and everything,” Chen says of the two-level home, which also comes with a daylight basement that is accessed via a Venetian plastered spiral staircase.
In addition to all the amenities you could ever want, Chen installed a high-tech system called Josh, one of the most advanced voice control systems in the world, where you can command anything you want in the house.
“What I like about the views is that there is depth,” Kirman says. “You have the canyon and the city below. You get sun at the property morning and night. It’s a beautiful location.”
The ancient olive tree itself took multiple cranes to get it safely in the home, not to mention shutting down the entire street.
“It’s one of the most amazing moments I’ve seen in real estate for a long time,” Kirman says.