Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Sunday, December 15, 2013

Developer Willing To Accept Online Currency for $7.85 Million Home

RichhouseA Las Vegas casino owner, Jack Sommer, is selling his Vegas home for $7.85 million dollars, and has decided to open the bidding globally by accepting online currency, bitcoin, for the deal. Bitcoin is peer-to-peer online trading in which value is purchased like dollars. However, bitcoin is not regulated. Sommer says he got the idea from his two kids who helped create and trade the online currency. Owner of the marketplace website bitcoininvegas.com, Julian Tosh, claims that the online currency could help speed up international business deals. Other businesses accept the currency as well including a California Lamborghini dealership that sold a $103,000 Tesla for 91.4 bitcoin. The value of a bitcoin was recently assessed at about $870, but is continuously fluctuating.

See Associated Press, Vegas Developer Selling $7.85M Mansion For Bitcoin, Technology News, Dec. 14, 2013.


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