Qld man lists luxury home for 500 Bitcoins

Christine Flatley
(Australian Associated Press)

A financial planner has put his Gold Coast mansion on the market for 500 Bitcoins.

In what is believed to be a first for the city, David Jenkins is selling the luxury Sovereign Islands home – which features four bedrooms, five bathrooms, a cinema and a 10-car garage – for the digital currency, which has jumped in value by more than 500 per cent this year.

At the time of writing, one Bitcoin was worth AUD$12,804, making the listing price the equivalent of more than $6.4 million.

The cash listing price of $5.1 million is a relative bargain.

Mr Jenkins said the Bitcoin currency was “extremely volatile”, but that he was hoping to take advantage of its upward trajectory.

“I’ve been trading the stuff for a little while now and noticed over the last six months a lot of people are actually trading large assets for these things,” he told AAP on Tuesday.

“I thought it might be a good opportunity for people who have been holding on to a lot of them from when they were really cheap to offload some and get a house.”

The home has been on the market since March but the Bitcoin settlement option has only been available for a couple of days.

He said the value of the house was “moving target”, as each Bitcoin had increased in value by $1000 in just the last 24 hours.

“That’s the amazing potential of this thing,” he said.

“But in a few years it could be worth much, much less.”


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