LAS VEGAS (FOX5) -- A multimillion dollar home in the Las Vegas area is also accepting cryptocurrency offers.
The Ivan Sher Group of Berkshire Hathaway has listed a home in The Ridges, located at 14 Drifting Shadow Way, for $5.8 million. The seller is also accepting cryptocurrency offers.
“We are excited to take a step forward and open up our listing to cryptocurrency holders,” said Ivan Sher. “There are a lot of advantages to buying a home with crypto. It is an especially great opportunity for those with significant cryptocurrency profits to diversify their assets.”
Madison Blau Benshimon is the listing agent for the house and the seller. Her and her husband originally bought the home and renovated it. It hit the market 49 days ago. Benshimon's brothers have been helping her navigate the digital money system.
"My family has been really involved in the crypto-space. Both of my brothers are very much involved and so I have been forced to learn a little bit more about what this craze is all about," Benshimon said.
She said she hopes they can show people it is a lot simpler to execute than many may think and it would be a win-win for both parties involved.
“There’s a lot of people who have made a lot of money in the crypto-space, who may not want to liquidate their assets in order to make a purchase and so really it’s a win-win situation here,” Benshimon said.
If a buyer wanted to purchase the house through cryptocurrency, it would involve sending funds through digital wallets versus through sending U.S. dollars through a title company.
“In order for a transaction like this to happen, the buyer and the seller would both need to have digital wallets on the Blockchain so they can send and receive cryptocurrencies such as Bitcoin or Ethereum,” Benshimon said.
Her younger brother, Michael Blau, explained what a Blockchain is. He recently graduated from Washington University in St. Louis majoring in finance and computer science.
Blau compared Blockchain, a digital ledger, to Google Sheets.
"It's kind of like a shared Google Doc or Google Sheet in the cloud that everyone can see. The only rule is that you can only add to it. So you can't go back in time and change it. You can't edit something that's already in this shared document. There would be a row in the shared document that contains your name and the number of coins you own," Blau said.
The value of these digital currencies fluctuate which does make any purchase a risky proposition.
“A lot of the coins are very volatile, you’re right. And so if there were an exchange to happen then things can change in the market, but that’s where the stable coin comes in like USDC which is actually backed by the US dollar. Coins can be converted, two different coins, in the Blockchain, so we would actually be able to convert currency to USDC right away, and it would secure the value,” Benshimon said.
She said she hopes they can set an example of this new form of payment if the right buyer comes along.
"We want to show people it’s actually a lot simpler to execute than they may think and this is something that is going to become even more mainstream in our society as we go forward,” Benshimon said.
The 7,813 square-foot home on a half-acre lot has six bedrooms and seven bathrooms. The master bedroom boasts mountain views with a large en-suite bathroom. The backyard features a pool, spa, fire pit, putting green and a covered outdoor kitchen.
LAS VEGAS (FOX5) -- A Las Vegas home is now on sale for 11 Bitcoin.
This isn't the first time a Las Vegas area home has been listed with cryptocurrency as an option for buying. In February, a Las Vegas home at 5534 Jacmar Ct. was listed for 11 Bitcoin, or about $536,000 at the time. According to Zillow, the property sold for $479,900 in March.