Historic €35m Rome Mansion in First Blockchain Property Auction

Historic €35m Rome Mansion in First Blockchain Property Auction

An iconic mansion in Rome will be the focus of the world’s first blockchain-powered real estate auction on Thursday 28 June, organised Propy – one of last year’s most successful ICOs – in association with Hilton & Hyland.

The 16th century Palazzetto Mansion inside Rome’s historic Palazzo Albertoni Spinola has a guide price of between €35.3m and €38m. According to some analysts, however, the final hammer price could be considerably higher.

CRYPTOCURRENCY OR FIAT ACCEPTED

A tasteful video showcasing the highlights of the Palazzetto Mansion can be seen on the property’s landing page.

Described on the auction website as “Being a jewel in the eternal city” the property is thought to be “…both an architectural Masterpiece and a stunning Mansion boasting magnificent views and amenities built by the geniuses of the Italian Renaissance.”

With 1613 square meters of mansion containing 11 bedrooms and15 bathrooms, not to mention a secret garden and stunning rooftop views, the new owner can also look forward to low property taxes as it is part of a UNESCO World Heritage site.

The Palazzatto auction will be Propy’s first transaction using a bidding process as well as its first sale within the European Union. It will automate the bidding and record payment and title deed recordings on the blockchain.

With a bidding process that will be available both online and live, the sellers are open to receiving bids in cryptocurrency (BTC, ETH, XRP) or fiat.

Interested parties must pre-register, officially accept the auction terms and conditions plus deposit funds of $100,000 or cryptocurrency equivalent into an escrow account. Following this, the bidder has to place an opening or a maximum bid and will then be granted access to the live streaming auction.