Rick Hilton, chairman of Hilton and Hyland, family namesake of the Hilton Hotels, and father of famous American television personality Paris Hilton, is running a cryptocurrency auction to sell a $ 38 million Roman mansion.
The building, known as the Palazzetto, is a 16th century Roman mansion of 17,363 square feet, distributed between 11 bedrooms, 15 bathrooms, and three full-sized kitchens. It is currently valued approximately $ 38 million, and its auction is expected to take place on June 28th, 2018.
Currently, the most expensive real estate ever sold in cryptocurrency is a seven-bedroom Miami property, which was purchased on February 2018 for 455 Bitcoins (BTC) – worth an estimated of $ 6 million back then.
If the Hilton property was to be sold today, it would be equivalent to 6,046 Bitcoins – at press time, the BTC/USD exchange rate is quoted at $ 6,285 – and assuming this price to maintain until the day of the auction, if it is successfully sold, it will surpass the aforementioned property as the most expensive one ever purchased with crypto assets.
Propy, the crypto platform for real estate businesses
It was reported that Mr. Hilton will use the service of international real estate crypto store Propy in order to sell the Roman Mansion, because it facilitates these type of operations across borders. Thanks to its regional-regulated smart contracts, Propy lets brokers, buyers, sellers and title agents to execute these operations without having to bother for language, cultural and cross-border payments limits. And due to the nature of smart contracts, they have no need for intermediaries, simplifying the process notably.
Propy provides users with Ethereum-based ECR20 token, the PRO, which allows holders to register a new title or change ownership of an already existent one. This business model makes title deeds issuance instantly online, secure and cost-effective, and it leads to a more liquid market, in addition to provide users with a better experience, and to act as a disruptor in this industry, according to the company’s CEO and founder Natalia Karayaneva.
This is not the first engagement of Mr. Hilton into the cryptocurrency sector. He is currently serving as a senior advisor for AQUA Intelligence, an initiative that seeks to disrupt the hospitality industry by providing businesses personalized offerings to their customers and other data solutions via artificial intelligence and blockchain. It is currently in its pre-sale of its AQX token until June 30th.
But his daughter Paris, had her moment flirting with crypto assets, too, when she endorsed LydianCoin, a controversial blockchain platform aimed to revolutionize the online advertising industry.