Christie’s International Real Estate has formed a new team to facilitate property transactions when both parties choose to use cryptocurrency. The division includes lawyers, analysts, and crypto specialists. According to The New York Times, this initiative targets buyers and sellers who prefer anonymous transactions and want to avoid traditional banking procedures.
$65 Million Beverly Hills Home Purchased With Bitcoin
According to Aaron Kirman, CEO of Christie’s International Real Estate, the company has already completed several major deals, including the sale of a Beverly Hills home for $65 million. The funds were transferred in Bitcoin (BTC). This transaction became the catalyst for launching a full-service offering dedicated to handling digital asset deals.
Christie’s is no newcomer to the digital space. Since 2021, the auction house has regularly conducted NFT auctions, and in 2022, it launched a platform on Ethereum. Christie’s continues to expand its crypto operations, now entering the luxury real estate segment.
Anonymous Transactions and Growing Interest From Wealthy Clients
Kirman noted that such deals remain rare but interest is steadily increasing. The main motivation for buyers is privacy. Traditionally, high-profile clients have purchased property through companies or trusts to conceal ownership. However, those structures are relatively easy to trace, unlike crypto payments, which can obscure transaction trails more effectively.
Kirman stated that in some cases, the seller didn’t even know who the buyer was, as Christie’s successfully protected the client’s identity.
$1 Billion in Real Estate Available for Crypto Payments
According to the report, Christie’s currently lists around $1 billion worth of real estate where sellers are open to accepting cryptocurrency. Properties range from Los Angeles to Joshua Tree. One such home, priced at $17.8 million, belongs to producer Chris Hanley. He believes that accepting crypto payments opens the door to a new demographic of buyers - millionaires and billionaires from the digital industry.
Cryptocurrency as a Collateral Asset
Kirman is also in talks with banks about the possibility of using cryptocurrency to finance deals involving loans. He predicts that within the next five years, more than one-third of home sales could involve cryptocurrency in some capacity.
In June, the Federal Housing Finance Agency (FHFA) instructed mortgage giants Fannie Mae and Freddie Mac to explore ways to include crypto assets as reserve holdings when assessing risk. FHFA Director William J. Pulte requested proposals for factoring cryptocurrency into creditworthiness analysis without requiring conversion to U.S. dollars.
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