Scooter Braun, the manager who has represented some of the world’s biggest pop stars and rappers, sold his Lake Austin mansion in Bitcoin.
Past 10X Growth Conference speaker Scooter Braun, the mastermind and manager behind stars like Kanye West, Demi Lovato, Justin Bieber, and Ariana Grande, just sold his mansion on Lake Austin in bitcoin.
Scooter Braun and the beginning of crypto real estate purchases
You may be wondering what this has to do with real estate. Scooter Braun’s mansion sale is one of the first big real estate transactions using cryptocurrency.
Scooter sold his gated waterfront home for $18.5 million dollars to crypto millionaire Wayne Vaughan. Vaughn acquired the property through his blockchain-based record-keeping firm, Tierion, which initially paid the home in full before Braun changed the deal to bitcoin.
The two-acre property has six bedrooms, seven bathrooms, two half-bathrooms, a pool, and spa. With 320 feet of Lake Austin waterfront, there’s no doubt Mr. Vaughan will be living comfortably here.
So, is it smart to buy real estate with bitcoin?
Bitcoin is a highly secure way to pay. It eliminates the need to trust third-party intermediaries for settlements, such as banks, due to its scarcity and security.
Now, it’s still very new and volatile, so there’s no telling whether or not it is a good investment in the long run.
For those of you interested in buying real estate with bitcoin, there are a few things to keep in mind.
For starters, you need to find a real estate agent that is willing to work with cryptocurrency. This may be difficult, as not many agents are familiar with it just yet. You’ll also want to make sure that the property you’re interested in is available for purchase with bitcoin.
Lastly, be prepared for a higher risk. The value of bitcoin could go up or down at any time, so you may find yourself making or losing money on your investment very quickly.
As the market for cryptocurrency continues to grow, we can expect to see more and more real estate transactions using bitcoin and other cryptocurrencies.
Look, I’ve never bought real estate properties with crypto, nor would I recommend it as of right now. But I’ve changed my mind in the past about things like this, so we’ll just have to wait and see.
Featured image source: TechCrunch, CC BY 2.0, via Wikimedia Commons
Disclosure: This content is intended to be used for educational and informational purposes only. Individual results may vary. You should perform your own due diligence and seek the advice from a professional to verify any information on our website or materials that you are relying upon if you choose to make an investment or business decision. Investment, real estate, and business involve great risk and there is no guarantee of performance or results.
We are not attorneys, investment advisers, accountants, tax professionals or financial advisers and any of the content presented should not be taken as professional advice. We recommend seeking the advice of a financial professional before you invest, and we accept no liability whatsoever for any loss or damage you may incur.