Record Setting Property Sale in Bitcoin Worth $1.6 Million

A piece of land near Lake Tahoe was sold for 2,739 Bitcoin, the current equivalent of $1.6 million, which is a record in property sale when it comes to a price in Bitcoin. While the sale is huge in terms of US dollars it could potentially be worth a lot more if Bitcoin rises to the level it once was back in the winter of 2013.

The site is 1.4 acres and has a Pacific Crest view, a surrounding mountain range. The location of this beautiful piece of land is in Truckee, Martis Camp to be precise, a luxurious private resort. The resort also has a golf course, movie theater, adventure park and now it has its own Bitcoin bought piece of property.

According to Brian Hull, the Martis Camp director of sales, the buyer was a Sillicon Valley entrepreneur who declined to make his name public. Eventually the plan is to build a home on this piece of land.

Purchasing goods with Bitcoin of this magnitude isn’t new, but it is rare. In March someone purchased a two-bedroom villa in Bali for 800 Bitcoins and in May a suburban house was purchased for about 600 Bitcoins in Kansas City.

Other homes in the United States are listed for Bitcoins, but so far many of them remain to be on the market. While Bitcoin seems to be here for the long haul it is not yet found stable enough to purchase goods with. It is very possible that the piece of land that was bought for 2,739 Bitcoin will be worth millions of dollars down the road, or perhaps it was a bargain if the crypto currency drops a lot.

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