Florida penthouse purchased with crypto sells for $18M cash


More signs are pointing to a crippling crypto market.

In the summer of 2021, when crypto soared, several developers announced that properties throughout the country were being purchased in cryptocurrency.

But now, as these crypto-millionaires and crypto-billionaires slowly ease away from the digital currency — and especially in the wake of the FTX implosion — their properties are following suit.

One particular pad, located at the Arte condominium in Surfside near Miami Beach, sold in June 2021 for a whopping $22.5 million in Bitcoin, The Post previously reported. (If you’ve heard of the building, that’s because it’s where Ivanka Trump and Jared Kushner rented a sprawling home after leaving the White House.)

Now, just more than a year later — the seller, who purchased the home under his company, Chain Inc., a blockchain-based technology company founded in 2014 — sold the residence at a loss for $18 million in cash, the Wall Street Journal first reported.

The great room.
The great room.
1 OAK STUDIOS
The dining area.
The dining area.
1 OAK STUDIOS
The kitchen.
The kitchen.
1 OAK STUDIOS
One of four bedrooms.
One of four bedrooms.
1 OAK STUDIOS

It first listed in September 2021 for $28 million, only three months after the current owner bought the place, before it received several price cuts.

The price of Bitcoin has dropped more than 70% from its peak late last year. Meanwhile, crypto fund asset managers saw investors withdraw almost $20 billion in November, The Journal reported.

Located on the ninth floor of the building, the residence spans roughly 5,000 square feet, and has four bedrooms and five bathrooms — with an approximately 3,000-square-foot wraparound terrace.

Newly built in 2020, features include 10-foot-high ceilings, Travertine stone in the bathrooms and blackout window treatment installed in all the rooms.

A view of the open floor plan.
A view of the open floor plan.
Douglas Elliman
The kitchen.
The kitchen.
Douglas Elliman
The nearly 3,000-square-foot wraparound terrace.
The nearly 3,000-square-foot wraparound terrace.
Douglas Elliman
The primary bathroom.
The primary bathroom.
Douglas Elliman

The residence also offers 360-degree views of the cityscape, ocean and shoreline, including a wine-tasting bar with ocean views.

Amenities of the full-service luxury building include a rooftop tennis court, indoor and outdoor heated pools, a children’s playroom and a spa. It also comes with direct beach access.

Danny Hertzberg of Coldwell Banker Realty held the listing along with Craig Heger at Echo Fine Properties.

“The best feature of the lower penthouse is the size of the grand living room. It is the largest room in the property trumping the upper penthouses living room space,” Ryan Farbstein who initially sold the home — along with his brother, Max Farbstein, both of Douglas Elliman — to the mystery crypto owner, previously told The Post.

“From classic European apartments of the 1920s and ’30s, Italian Modernist master Antonio Citterio combines architectural virtuosity with a purist sensibility,” Max added.



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