Estimated reading time: 2 minutes, 34 seconds
Paris Hilton is certainly no stranger to making headlines, which is exactly what she did last September by endorsing the controversial crypto known as LydianCoin. The heiress would later distance herself from the altcoin, but her brief association with digital currency demonstrated how close this new technology is to becoming mainstream.
These days, it’s her father Richard “Rick” Hilton who’s making crypto news. The chairman of Hilton and Hyland hotels recently announced he would be selling a luxury mansion in Rome and would be accepting digital currency for the purchase. The hotel mogul was contacted by the owner of the mansion, to assist with the sale.
The Palazzetto: worth an estimated $38 Million
The property, which will be sold via online auction, is worth an estimated $38 million USD. As one might expect, this is a large and luxurious dwelling. This 16th-century mansion, known as The Palazzetto, features a total of 11 bedroom and 15 bathrooms. Not to mention a built-in movie theatre, spa, and personal gym.
The auction, which began on June 28, 2018, is currently underway on the crypto-based real estate platform known as Propy. According to their site, Propy is “the global leader in property transactions secured through blockchain.” The company, which sells real estate internationally, “integrates blockchain ledger for the governments to make title deeds issuance for [properties] instantly online, secure and cost-effective.”
At press time, the most expensive home ever purchased using cryptocurrency was a 7-bedroom property located in Miami, FL. The house was bought last February for a total of 455 bitcoins – worth about 6 million USD at the time. If the auction winner uses crypto assets to pay for The Palazzetto, it will likely become the most expensive piece a real estate ever purchased using digital currency – surpassing the Miami residence.
When discussing the impending sale, Rick Hilton was quoted as saying, “The auction shows real estate’s growing trust in and provides crypto investors an opportunity to diversify and solidify their portfolio with a trophy asset.”
Interestingly enough, this isn’t the first time the chairman has been involved with cryptocurrency. Hilton is currently the senior advisor for a company called AQUA intelligence. AQUA intelligence is “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.”
As part of the initiative, Hilton and company released their own digital currency known as the AQX token.
While discussing the partnership, Aqua intelligence CEO Anthony Gelman was quoted as saying, “We’re excited to have Rick on board as our advisor. His help will be invaluable in navigating the complexities of the hotel industry, allowing us to gather data from the ground up for our AQUA Intelligence platform — something never before attempted.”
Having a well-known businessman like Rick Hilton involved in the crypto space means that digital currency will likely receive even more mainstream attention in the future. As his daughter Paris would say, “that’s hot.”