Wednesday, February 8, 2023

You Can Now Buy a Famous Medieval Palace in Spain With Bitcoin

You Can Now Buy a Famous Medieval Palace in Spain With Bitcoin

There is a place like no other, a palace that sits alongside the coastline in the world famous resort city of Ibiza, Spain. At the highest point of the city’s the skyline stands Palacio Bardaji, a medieval palace built in 1742. The palace itself has been given the moniker of “Best Property Single Unit” in all of Spain for 2014-2015. With just under a square kilometer of floor space, which includes a near quarter kilometer of accessible rooftop, it can all be yours for 1850 bitcoin.

Also read: More US Business Schools Introduce Blockchain Technology Courses

Medieval Palace for Sale — Bitcoin Accepted

Built in the 18th century, Palacio Bardaji went through a rigorous yet protective renovation to bring it into the modern day. Workers completed renovations carefully, following the strict guidelines from UNESCO. The palace is part of a UNESCO world heritage site, Ibiza’s Dalt Villa.

The listing of Palacio Bardaji for bitcoin follows in the footsteps of other luxury real estate deals. recently did a piece on Dubai Science Park, which is selling units for Bitcoin. Others are following suit, with a luxurious London townhouse also selling for Bitcoin this year.

In total, the palace has 921 square meters (9913 sqft) of floor space, and 220 square meters (2368 sqft) of land space. Within that space, the palace includes six bedrooms, five bathrooms and a private garage among its three stories in height. On the roof is an opulent space that gives a view of the entire surrounding area. The property also includes a separate, fully appointed apartment, as well as staff accommodations.

Ibiza Palace
A nighttime view from the Palacio Bardaji in Ibiza, Spain

Why Sell a Palace for Bitcoin?

Bitsonline wanted to reach out to the people who listed the palace and get more information about its current sale. We spoke to Mr. Curro Quevedo Bueno of Zooo, the real estate agency responsible for the sale.

When asked why his agency chose bitcoin as the exclusive payment method for the palace, Mr. Bueno happily obliged us with an answer.

Robert DeVoe: First, the question on everyone’s mind is, why bitcoin? Is this something the current owner of the property suggested or is bitcoin being used to make the financial transaction easier or with lower fees? 

Curro Quevedo Bueno: The current owner of the property sees bitcoin as a big thing in the near future. That took to the decision to become part this new [financial] world. We are very [aware] that doing the transaction this way will definitely not make anything easier, as we have to still figure out a way to make this connection between “this new world and the old one”.

RD: If you found a buyer that was seriously interested in buying the house, but they wanted to pay in a different but highly popular cryptocurrency (such as ethereum or litecoin), would you consider the offer, or insist on bitcoin?

CQB: Accepting any other cryptocurrency, of course being “any” in reference to coins or tokens being in the upper part of the market cap list, would not be a problem. As long as they represent, also like BTC, a “good” store of value for us.

How Much Is 1850 Bitcoin Worth?

RD: I see the price listed on the site is 1850 BTC. Has this price changed recently to reflect the sudden, dramatic increase in value bitcoin had over the last 2 months? What if bitcoin suddenly drops to below the $5000 USD level again?

CQB: Price hasn’t changed recently, as it was set only a few days ago. This is a really new and recent project for us and of course BTC price will be adjusted in case its value makes a major movement.

RD: Was the decision to sell the property for bitcoin influenced by other recent property sales for bitcoin in places like the UK and Dubai?

CQB: Of course the big project in Dubai and also the sale in the UK inspired us, and we saw an opportunity to join this new world.

A $13 Million Dollar Palace: Bitcoin Royalty Only

At press time, with a $7000 USD bitcoin, the current asking price for Palacio Bardaji is about $12,950,000. With the asking price set as a definite amount of bitcoin, rather than a dollar value, the price for the property could potentially rise as high as $13,875,000 USD. That assumes a bitcoin value of $7500 each. However, as Bueno noted, the agency may adjust the price as bitcoin’s value fluctuates.

Although, it’s probably safe to say that anyone willing to spend more than twelve million dollars on property will likely not see an extra million dollars as much of an obstacle.

Would you buy the Palacio Bardaji if you had the coin? Share your thoughts in the comments section. 

Images via ParadiseInTheWorld, Name It Ibiza

Bitsonline Email Newsletter