Co-founder of Hilton & Hyland and father of reality star Paris Hilton, Rick Hilton, is reportedly putting up a 16th century Roman mansion for sale, and he’s using the blockchain.
The mansion is located in Rome and was designed by Giacomo Della Porta, a collaborator of Michelangelo. The property is known as The Palazzetto and includes 11 bedrooms, 15 bathrooms, and panoramic views of the capital city.
Hilton plans on listing The Palazzetto on Propy.com, a global property store and decentralized title registry. An auction will be held with the mansion’s ownership going to the highest bidder. The Palazzetto’s sale price is estimated to be near $35 million, making it the most expensive property sold for cryptocurrency. In 2017, there were at least 20 real estate properties sold for crypto.
Apparently, Rick Hilton is a fan of cryptocurrencies and the blockchain and believes the real estate market could benefit greatly from the use of blockchain technology.
“The auction shows real estate’s growing trust in blockchain and provides crypto investors an opportunity to diversify and solidify their portfolio with a trophy asset.”
Propy completed it’s first ever real estate sale for crypto in 2017. The company calls itself the first international real estate market that allows clients to purchase property online and uses blockchain technology to eliminate many of the hurdles encountered in cross-border transactions.
View the official website for The Palazzetto