Greenwich estate owner will accept bitcoin or Ethereum cryptocurrency as payment for $6.5 million property

If this real estate listing is any indication, the Gold Coast of Connecticut could soon become the Crypto Coast.

A Greenwich estate owner is open to accepting cryptocurrency in exchange for $6.5 million. This is according to an agent. It is also the first listing of its type in the wealthy community.

The background of the unidentified owner explains the unusual offer and their comfort level in accepting Bitcoin or Ethereum cryptocurrency for the 4.3-acre farmhouse compound at Bedford Road. This property dates back to the early 1800s.

Kevin Sneddon, a Compass listing agent, stated that it is not a gimmick and spoke to CNBC in an interview.

Sneddon stated that besides the fact that my client holds a lot of cryptocurrency and actively trades some of it daily.

Bitcoin and Ethereum prices are volatile. They have fallen by more than 19% each since 2022.

The seller would accept a significant risk of further decline in the value of the property if a buyer uses cryptocurrency instead of cash to pay. If she didn’t immediately sell the crypto, the buyer would have to accept a loss of price.

Recognizing this risk, many previous real-estate listings that included cryptocurrency required that the buyer convert the crypto to cash prior to the sale closing.

The listing for this property is clear in all-capital letters type at the end: “SELLER WILL ACCEPT CRYPTOCURRENCY.”

Sneddon stated that the seller plans to keep the payment in cryptocurrency.

Sneddon stated that she would not turn the item over to another person. She will add it to her cryptocurrency portfolio.

Sneddon hopes to attract a buyer by leveraging the property’s state-of the-art amenities. He also hopes that his seller will be open to accepting payment in digital currency, which will help him get the attention of crypto millionaires.

He said, “They would want to come up to this house and consider it because we take their money.”

Sneddon stated that someone had already asked her what type of crypto she would like to use.

The Greenwich property seller has agreed to accept cryptocurrency at closing. This has drawn more attention to the home through inquiries and press.

Sneddon stated that his private-minded seller doesn’t want any extra attention being paid to her.

He said that the buyer would not want his or her name out there.

Public records do not reveal the identity of the homeowner.

According to Multiple Listings Network, the property was last sold in 2009 for $5.68million.

According to records, it was purchased by Bedford Road Holdings, a limited liability company. LLCs are often created to conceal the true owners of real property.

Anson McCook Beard Jr., a Wall Street veteran who is also the brother of Peter Beard, was the first to sell the property.

Morgan Stanley was home to Beard for many years. According to the website of the investment bank, Beard was hired in 1977 to start its private client services section.

The property up for sale is located in the northern-westernmost part of Greenwich. It is only 200 feet from Connecticut’s border to New York.

Sneddon called the area the equestrian country, an area where neighbors have their third, fourth or fifth homes set aside for weekends retreats.

According to the agent, the residence at 241 Bedford Road was constructed in 1835. It is a Greenwich-designated landmark called the Levi Ireland House.

The main house is over 4200 square feet and has five bedrooms, three bathrooms, and a powder-room.

The property also includes a carriage house with three bedrooms and a guest cottage with one bedroom. It is also home to an old barn.

The listing calls it a “party barn”, but it has an unfinished interior.

It is great for hosting a party, but Sneddon suggested that the new owner may want to make it into stables for horses.

Sneddon stated that ‘not many 187-year old farmhouses are as loaded with modern comforts than the Levi Ireland House.

Also, much has changed in the estate’s history since Andrew Jackson was president.

“It has Lutron lighting and you can press a button to turn on automatic shades. It also has Porsche pinhole and recessed lighting.

Sneddon stated that his client claimed that the fixtures were designed by German car manufacturers and cost her $2800 per light. Many of her high-tech purchases were inspired in part by the Covid-19 epidemic.

His crypto-trading client, and her family, spent most of their time in Manhattan prior to the pandemic. But when New York was locked down, they fled to Greenwich.

His client, who had been using the house as a weekend escape, decided to make it a full-time residence for her family, where they could live and work remotely.

Sneddon stated that it was crucial for the owner of crypto to trade in real-time from any part of the property, including the poolside loungers. So she installed a high-quality wi-fi system to provide high-speed internet access to all corners of the sprawling estate.

A Covid-inspired heating system and cooling system was also installed by the homeowner, which includes an infrared purifier that kills viruses.

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