The real-estate market is being tapped by cryptocurrency executives. Coinbase’s Brian Armstrong is the latest to take advantage of this market. He just purchased a luxurious Bel-Air property from Hideki Tomita, a Japanese entrepreneur. It was previously owned Ellen Bronfman, a Seagram Heiress.
Brian Armstrong’s Costly Affair In Los Angeles
According to The Wall Street Journal, Armstrong bought a huge Los Angeles estate worth $133 million. According to several reports, the deal was completed in December 2013. It was also one of the most expensive single-family home sales in Los Angeles. Coinbase executive Hideki Tomita, a Japanese founder of Dip Corporation, purchased the luxury estate.
The property, which covers nearly five acres, was not officially put on the market by John Pawson, an internationally recognized English architect. It was instead a private matter. The buyer was not even known until recently. The Japanese entrepreneur bought the property for $85 million in 2004.
Seagram heiress Ellen Bronfman Hauptman, the original owners, was a daughter and husband of investor Andrew Hauptman. It was therefore a huge win for Tomita.
The estate also includes a main house measuring 19,000 square feet and a guest house measuring 6,600 square feet. There is also a tennis court and two swimming pools as well as other amenities like a home theater or a gym.
Fun fact: Armstrong’s newest home is the only Pawson-designed residence in Los Angeles.
Coinbase: The Man Behind It
Coinbase’s 38-year-old founder helped it go public in April 2017. It was the first exchange dedicated to cryptocurrency and the first to allow investors to access the US stock exchange. Armstrong’s net worth has increased significantly since April’s direct listing. The current net worth of the exec is $9.6 billion, according to Bloomberg’s Billionaires Index.
Armstrong has now joined the ranks of his contemporaries like Binance’s Changpeng “CZ” Zhao, who bought his first home in Dubai last October.
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