1The Palazzetto

Roman mansion to be auctioned on the blockchain

The Palazzetto, a 16th century mansion in Rome is due to make history as the world’s first property to be auctioned on blockchain, on Thursday 28 June.

The auction will be hosted by Hilton & Hyland, a US luxury brokerage through an online collaboration with Propy, a global property store and decentralised title registry that facilitated the world’s first property transferred on blockchain.

Located close to The Coliseum and Vatican City, the mansion was built by famous architect and sculptor Giacomo Della Porta. The mansion sprawls 17,362 sq ft, including 11 bedrooms, 16 bathrooms, and a vast rooftop terrace that provides 360 degree views of the Vatican including the Dome of St Peter. A priceless collection of furniture and frescos from the 16th to 19th century are included with the property.

The Palazzetto2

Rooftop view of the St. Peter’s Basilica dome, visible from the property. Image: PRNewsfoto/The Palazzetto

The auction of the property demonstrates the security that blockchain technology brings to property – an impenetrable record that cannot be manipulated or destroyed.

The first residential property to be sold on the blockchain in the UK was recorded in March this year using the clicktopurchase platform.

Globally in 2017, 20 homes were sold with cryptocurrency and that number is expected to be much higher for 2018.

To date, the most expensive home ever to be sold using cryptocurrencies was a 7-bedroom Miami estate purchased with 455 bitcoins, an equivalent value of $6m.

The first ever property to be sold via blockchain was in November 2017, when Ukrainian developer Mark Ginsburg sold an apartment in Kiev to Michael Arrington, co-founder of tech news site TechCrunch, for $60,000. This transaction was also completed through Propy.

“The auction shows real estate’s growing trust in blockchain and provides crypto-investors an opportunity to diversify and solidify their portfolio with a trophy asset,” says Rick Hilton, chairman of Hilton & Hyland.

“We’re excited to partner with Hilton & Hyland to add another first to the list—making the hallowed tradition of auctions more transparent and secure using distributed ledger technology,” said Natalia Karayaneva, founder of Propy.

For more information on the auction and to register, visit: GreatBeautyInRome.com

Find our guide to blockchain by clicktopurchase’s Neil Singer here

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