Entrepreneur Buys Plot of Land Near Lake Tahoe For $1.6 Million in Bitcoin

By August 13, 2014Bitcoin Business
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Entrepreneur Buys Plot of Land Near Lake Tahoe For $1.6 Million in Bitcoin
Entrepreneur Buys Plot of Land Near Lake Tahoe For $1.6 Million in Bitcoin

Still not convinced bitcoin can be used for majorly large purposes? If the $50,000 server purchase from Dell a few days ago wasn’t quite enough to convince you, maybe this will.

A technology entrepreneur has apparently paid a whopping $1.6 million for a 1.4 acre plot of land near Lake Tahoe — paid for in bitcoin, several outlets have reported.

It’s possibly the largest real estate deal done in the emerging digital currency, though a number of smaller transactions in the neighborhood of $500,000 have been conducted in both Bali and the state of Kansas.

The land, dubbed Martis Camp, is considered to be a part of a luxury resort, with 42 plots being made available for wealthy, often tech-savvy buyers.

The buyer was not named, though it’s known that the transaction was carried out via BitPay, an Atlanta, Georgia-based bitcoin payment processing firm.

And while the deal itself is large-scale, it’s not the first time we’ve heard of pricey real estate being offered up for digital currency.

In fact, this year alone we’ve heard of a number of properties here in the United States whose owners were willing to accept bitcoin. Tech entrepreneur John Sweeney listed his Tiburon, California property several months ago for $3.6 million, and another homeowner in South Carolina listed his Hilton Head property for $2.7 million.

In either case, we never heard whether or not the properties were sold for bitcoin, but given no announcement, we’d think they weren’t.

Still, bitcoin is a viable means of payment for such a large purchase. You can literally send millions of dollars in a short amount of time, paying a minute fee.

It’s especially convenient for international buyers, too, who needn’t deal with pesky local-to-USD conversion rates!

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