Multimillion-dollar homes in Beverly Hills aren’t rare, but this $65 million Beverly Hills estate at 1108 Wallace Ridge (called Elementi) in the exclusive Trousdale Estates neighborhood, is officially accepting the Bitcoin equivalent to take it off the market.
Elementi is on the market for $65 million or the Bitcoin equivalent.
Joe Bryant
“Crypto is something the sellers are very interested in, and it’s a growing movement that I believe will be incorporated into the residential sphere,” says listing agent Aaron Kirman of Aaron Kirman Group at Compass, who is co-listing the property with developer Michael Chen and Adam Rosenfeld at Compass.
The home features a moat, as well as a 150-year-old ancient olive tree imported from Tuscany.
Joe Bryant
Purchasing real estate with cryptocurrency is on the rise, and America’s largest-known cryptocurrency deal happened in Miami in June with the sale of the city’s most expensive penthouse, valued at $22.5 million. While purchasing real estate with cryptocurrency dates as far back as 2014, it hasn’t quite infiltrated the mainstream.
The two-level home is connected via a Venetian plastered spiral staircase.
Douglas Friedman
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“We are seeing a trend, certainly with sellers, that are now much more open to taking cryptocurrency and open to that type of transaction, which we have not seen at any level before,” Kirman says.
Almost all materials were imported.
Douglas Friedman
While Kirman reiterates they are not here to change the system, he does find it interesting that more and more sellers are willing to take alternate forms of currency.
The home has seven bedrooms featuring ultra-luxe imported materials, like marble.
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“I believe that escrow should not take six months, escrow should take three days,” says Chen, the home’s developer and a cryptocurrency investor himself. “Historically, it’s still on such an old system. Now, you can transfer $10 million in two seconds versus going through a central bank.”
The home incorporates state-of-the-art appliances and technology.
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The home was built by Chen, founder of Luxford Development Group, in the exclusive Trousdale Estates neighborhood, a private gated enclave home to celebrities like Jennifer Aniston, Elvis Presley, Ellen DeGeneres and Jane Fonda, as well as tech founders and executives. Chen, who has designed sets for Warner Brothers, as well as furniture in Milan and other luxury developments in Southern California, started building the home six years ago.
The center courtyard features a 150-year-old olive tree imported from Tuscany.
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He is also the President of the Asia-Pacific International Division of Aaron Kirman Group at Compass and serves as one of the listing agents for the property. Chen feels very comfortable accepting cryptocurrency because he believes it to be the future.
The home was meticulously crafted, with no detail left to chance.
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The California modernist-style home was designed in collaboration with SAOTA Architects and focuses on ultra-luxe craftsmanship. Initially inspired by a trip to Big Sur, the home incorporates natural elements, like a 15-foot waterfall, an entryway bridge and a 150-year-old, 15-foot ancient olive tree imported from Tuscany.
There is an expansive pool surrounded by ample deck space.
Douglas Friedman
“The way I designed this house was I wanted to have a very circular flow,” Chen says. “Most of the homes at this size can feel overwhelming,and sometimes a lot of the spaces aren’t very well used. I wanted a serene courtyard that the house surrounds itself in, which is where the ancient olive tree is. I call this tree the life of the house.”
The ancient olive tree itself took multiple cranes to get it safely in the home, not to mention shutting down the entire street.
“It’s one of the most amazing moments I’ve seen in real estate for a long time,” Kirman says.
The ultra-luxe home is built in a California modernist style.
Douglas Friedman
The home spans 18,000 square feet and has seven bedrooms, including an entire master quarter with a cantilevered balcony. There is also a dramatic foyer; a great room with marble details; a kitchen with Gaggenau appliances, Dada cabinetry; and a 14-foot leathered marble island. There is also a butler’s kitchen, a 2,000-bottle wine cellar, wellness center, gym, office and home theater. There is also a half-length Olympic-size swimming lane integrated into the massive pool. Indoor-outdoor living reigns supreme.
The home spans 18,000 square feet.
Joe Bryant
“We imported the stone, millwork, doors, the vanity, furniture and everything,” Chen says of the two-level home, which also comes with a daylight basement that is accessed via a Venetian plastered spiral staircase.
In addition to all the amenities you could ever want, Chen installed a high-tech system called Josh, one of the most advanced voice control systems in the world, where you can command anything you want in the house.
The home features all the amenities you could dream of.
Joe Bryant
“What I like about the views is that there is depth,” Kirman says. “You have the canyon and the city below. You get sun at the property morning and night. It’s a beautiful location.”