A 17th Century Mansion Is Being Auctioned Off on a Blockchain

A 17th century Italian mansion is being auctioned on a blockchain.

Announced Friday, Beverly Hills real estate brokerage Hilton & Hyland is partnering with blockchain startup Propy to auction the Palazzetto inside the Palazzo Albertoni Spinola, a mansion built between 1580 and 1616.

The Unesco heritage site was designed by architect Giacomo Della Porta in the early 1600s, and is currently valued at $42 million. Interested parties can bid on it in either fiat or cryptocurrencies until June 28, said Propy CEO Natalia Karayaneva.

Karayaneva told CoinDesk that she believes the auction is a unique opportunity to record the sale of a historic building on a blockchain, one made more notable in light of the fact that real estate applications of blockchain are still in early stages.

She added:

“It is not a transfer test of a couple dollars worth of value, or questionable digital collectibles — but a multi-million dollar deal where lack of transparency can result in a significantly worse deal for the investor or seller.”

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