Tech entrepreneur pays $1.6 million in bitcoin for Tahoe property

 

Martis Camp, a luxury retreat near Lake Tahoe, says a Silicon Valley entrepreneur recently bought an undeveloped site for $1.6 million in bitcoin, “potentially” the largest bitcoin real estate deal ever. The buyer was not identified.

The deal trumps $500,000 sale for a villa in Bali in February, according to Martis Camp.

The transaction was managed by BitPay.

Brian Hull, sales director at Martis Camp, said in a release that  converting bitcoin to U.S. dollars was “simple. An invoice was sent and the buyer’s bitcoin was easily transferred into U.S. dollars to complete the sale.”

Many Martis Camp buyers are from the tech sector and are early bitcoin adopters.

The buyer purchased a 1.4 acre home site in what is the final offering of 42 home sites at the resort, which is near Truckee. Finished homes are pricey at the resort, selling for $3-5 million.

(Photo: Martis Camp lot near Tahoe sold for $1.6 million in bitcoin/Courtesy of Martis Camp)

 

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