You can use Bitcoins to buy computers, veterinary care, or a Tesla Model S. If you're a Bitcoin multimillionaire, you can also buy a Las Vegas mansion and park your Tesla inside the four-car garage. The $7.85 million 24,500-square-foot palace sits on over an acre of land right next to a country club.
Jack and Laura Sommer are the sellers. Jack Sommer, a developer, once owned the Aladdin casino. Two of his sons are Bitcoin enthusiasts who convinced Dad to accept the virtual currency as a payment option for the 12-bedroom, 15-bathroom house.
Accepting Bitcoin for the mansion is a clever advertising move meant to get the word out about the luxury home, and perhaps lure a Bitcoin-rich buyer who wouldn't mind unloading some virtual cash on a high-end property. "The advantage is that we're expanding our market and adding some notoriety," Sommer told the Las Vegas Review-Journal.
The famously fluctuating currency poses some challenges when dealing with a long escrow period. Today's estimated exchange rate has one Bitcoin equaling just over $700. Earlier in the month, the exchange rate was right around $1,000. Any Bitcoin-based buying contract would have to take this issue into account.
If a Bitcoin buyer does appear, the mansion could easily become the most expensive Bitcoin real estate transaction ever conducted. If you're lucky, you might be able to find a cleaning staff that will work for Bitcoin, since you're not going to want to mop all that marble flooring yourself.