Mega Mansions Bought With Bitcoin: How Crypto Barons Are Reshaping Real Estate

Crypto magnate Michael Egorov's partner, Anna Egorova, made a headline-grabbing acquisition of a luxurious $41 million estate, Avon Court, in Melbourne.

The deal currently ranks as the priciest real estate transaction in Victoria this year, according to the Australian Financial Review.

The Russian-born duo has a penchant for Melbourne's upmarket properties, illustrated by their $18.25 million purchase of the adjacent mansion, Verona, in the previous year.

The newest addition to their portfolio, Avon Court, built in 1890, reportedly expands their overall land possession to a hefty 5663 square meters.

The grandiose purchase is similar to that of another cryptocurrency entrepreneur, Ed Craven, who shelled out $80 million for a sprawling mansion in Melbourne's prestigious Toorak area.

Also Read: Brazil's Money Makeover: Digital Real To Outshine Bitcoin?

Avon Court, a Victorian mansion spanning four levels, boasts nine bedrooms, seven bathrooms, a gym, a steam room, two swimming pools, a playground, a mini soccer field, a 10-car basement garage and six kitchens.

The estate was sold via Grant Samuel of Kay & Burton, with Chen Sun from Ascend as the co-agent, according to the Australian Financial Review. 

Owing to a nondisclosure agreement, neither agent shared details about the sale with the publication. As Egorov is based in Switzerland, it's unclear whether the couple will connect their two properties or choose Avon Court as their new standalone residence, the publication said.

Crypto investment in property continues to be a growing trend, with significant purchases not limited to Melbourne but also making waves in other Australian regions.

The influence of cryptocurrency and its investors on the real estate market continues to be a topic of interest, raising questions about the future direction of property investment.

Read Next: JPMorgan's Crystal Ball: Is Bitcoin Set To Skyrocket To $45,000?

Image: Shutterstock