The owner of a 4.3-acre farmhouse on Connecticut’s Gold Coast is prepared to take cryptocurrencies in exchange for the $6.5 million property. The agent property listing agent has stated that this is the first time such listing will be done for a property of this magnitude in Connecticut.
Kevin Sneddon, the property’s listing agent, explained the reason behind such a surprising offer and why the Greenwich estate owner is comfortable receiving the huge amount of $6.5 million in either Bitcoin or Ethereum crypto. “It’s not like a gimmick. Not only does my client hold a lot of cryptocurrencies, but she also actively trades a fair amount of it on a daily basis.” Sneddon said during his interview with CNBC.
The Vastness of the Propert
The property, which is located at 241 Bedford Rd in Greenwich, Connecticut, dates to the early 1800s. The house is more than 4,200 square feet in size and features five bedrooms, three bathrooms, and a powder room. The large expanse of farmland also holds a carriage house with three bedrooms, a guest cottage, and an old barn.
Although there is no public record of the homeowner’s identity, it was recorded by Multiple Listing Network that the property had a change of ownership in 2009 for $5.68 million. The property was purchased by Bedford Road Holdings – a limited liability corporation. Anson McCook Beard Jr., brother of the late artist Peter Beard was the property’s seller during that period.
Huge Cryptocurrency Sales
There are concerns about the 187-year-old farmhouse being sold for cryptocurrency, especially with the high volatility of Bitcoin and Ethereum. The two popular cryptocurrencies have declined by more than 19% in 2022 alone. As a result, the property seller risks a significant decline in the price after sales if she does not sell off the crypto for cash.
In addition to the disclosure that the seller is accepting cryptocurrency for the property, Sneddon has also made it known the seller does not intend to dispose of the cryptocurrency or convert it. “Instead, she will add it to her crypto portfolio,” Sneddon said.
The property’s listing agent believes the modern amenities of the property will attract a buyer, hoping that the clause of crypto payment will attract newly minted crypto millionaires. The news of this crypto sale has gotten the attention of the press and potential buyers. However, the seller is not interested in being the focus of much attention.