Paris Hilton’s Father to Auction $38 Million Roman Mansion Through Cryptocurrency

Paris Hilton’s Father to Auction $38 Million Roman Mansion Through Cryptocurrency

Paris Hilton’s father, Rick Hilton, chairman of Hilton and Hyland and the family namesake of the Hilton Hotels is selling a $38 million Roman mansion through a cryptocurrency auction.

Known as the Palazzetto, the 16th-century Roman mansion is 17,363 square feet with 11 bedrooms, 15 bathrooms, and three full-sized kitchens. Valued around $38 million, the property will be auctioned on June 28th, 2018.

If successfully sold, the Palazzetto will become the most expensive property ever purchased with crypto, surpassing the seven-bedroom Miami estate that sold for 455 Bitcoins, approximately $6 million, in February 2018.

The Miami property on the left sold for 455 Bitcoins. The Palazzetto, an iconic Roman mansion, could fetch over 5000 Bitcoins in the upcoming auction, shattering the record for the most expensive crypto-bought property.

$340 Billion Cross-Border Real-Estate Market

Rick Hilton will sell the estate through Propy, an international real estate store that facilitates property sales across borders. Propy currently operates in global real-estate hotspots such as San Francisco, London, Beijing, and Dubai.

Propy is a global property store and decentralized title registry built on Ethereum blockchain.

Through smart contracts compliant with respective regional regulations, Propy allows brokers, buyers, sellers, and title agents to sidestep traditional problems with the cross-border real estate market such as language barriers, cultural complexities, and cross-border payments.

With less friction and unnecessary intermediaries, this greatly simplifies the transaction process of the $340 billion international real estate market.

Propy’s use of the blockchain ledger also makes title deeds issuance instantly online, secure and cost-effective. Its Ethereum-based ECR-20 token, PRO, is used when users need to change ownership of a title or register a new title. According to Propy CEO and founder Natalia Karayaneva, these changes lead to a more liquid market and a better experience for both buyer and seller; it also acts as a major disruptor in the giant industry.

The Hiltons and Cryptocurrencies

In addition to his partnership with Propy for the upcoming auction, Rick Hilton also serves as a senior advisor for AQUA Intelligence.  AQUA is currently in its pre-sale of its AQX tokens until June 30th and aims to disrupt the hospitality industry.

Rick Hilton’s relationship with the two companies clearly demonstrates optimism for cryptocurrencies. His daughter, reality TV star and famous socialite, Paris Hilton, also briefly endorsed LydianCoin. It remains to be seen if Paris will join her father and reenter the cryptocurrency scene.

Cover Photo by Jordan Whitt on Unsplash

Posted In: Altcoins, Culture

Like what you see? Subscribe to CryptoSlate

Get our daily newsletter containing the top blockchain stories and crypto analysis straight to your inbox.

Sign up to stay informed
David Lee

David is a data scientist with a degree in biology. He is excited about Bitcoin and the potential applications of blockchain technology. He is based out of Seattle and enjoys playing soccer, hiking, and music.

View author profile

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.