Gold Coast mansion up for sale for 500 Bitcoin

  • A massive luxury Gold Coast four-level mansion with a pool and movie theatre is being sold for 500 Bitcoin
  • The property’s owner David Jenkins  is hoping to take advantage of the  crypto-currency’s upswing
  • The home is surrounded by properties costing up to $15million in the affluent suburb of Sovereign Islands

A luxury mansion with a swimming pool and home cinema is up for sale – but for an unconventional price.

The four-level Sovereign Islands mansion on Queensland’s Gold Coast is being sold for 500 Bitcoin.

Owner David Jenkins said he was hoping to take advantage of the crypto-currency’s upward swing.

A luxury mansion with a swimming pool and home cinema is up for sale – but the homeowner is asking for an unconventional price

The four-level Sovereign Islands mansion on Queensland's Gold Coast is being sold for 500 Bitcoin

The four-level Sovereign Islands mansion on Queensland’s Gold Coast is being sold for 500 Bitcoin

Owner David Jenkins said he was hoping to take advantage of the crypto-currency's upward swing

Owner David Jenkins said he was hoping to take advantage of the crypto-currency’s upward swing

'I've been trading the stuff for a little while now and noticed over the last six months a lot of people are actually trading large assets for these things,' Mr Jenkins told AAP

‘I’ve been trading the stuff for a little while now and noticed over the last six months a lot of people are actually trading large assets for these things,’ Mr Jenkins told AAP

'I thought it might be a good opportunity for people who have been holding on to a lot of them from when they were really cheap to offload some and get a house,' he said

‘I thought it might be a good opportunity for people who have been holding on to a lot of them from when they were really cheap to offload some and get a house,’ he said

‘I’ve been trading the stuff for a little while now and noticed over the last six months a lot of people are actually trading large assets for these things,’ he told AAP.

‘I thought it might be a good opportunity for people who have been holding on to a lot of them from when they were really cheap to offload some and get a house.’

At the time of publication 500 Bitcoin was worth $6.5million.

The house has been listed since March, but the Bitcoin offer has only been available this week.

The 110 sq m home has four bedrooms, five bathrooms, canal views, swimming pool, wine cellar, 10-seat movie theatre, 10-car garage, commercial grade lift and three lounges.

At the time of publication 500 Bitcoin was worth $6.5million

At the time of publication 500 Bitcoin was worth $6.5million

The house has been listed since March, but the Bitcoin offer has only been available this week

The house has been listed since March, but the Bitcoin offer has only been available this week

The 110 sq m home has four bedrooms, five bathrooms, canal views, swimming pool, wine cellar, 10-seat movie theatre, 10-car garage, commercial grade lift and three lounges

The 110 sq m home has four bedrooms, five bathrooms, canal views, swimming pool, wine cellar, 10-seat movie theatre, 10-car garage, commercial grade lift and three lounges

The property has five luxurious bathrooms in addition to five bedrooms spread over four levels

The property has five luxurious bathrooms in addition to five bedrooms spread over four levels

The property's listing says the home has 'major wow factor', and is surrounded by homes costing between $5million and $15million in the affluent Sovereign Islands suburb

The property’s listing says the home has ‘major wow factor’, and is surrounded by homes costing between $5million and $15million in the affluent Sovereign Islands suburb

The property’s listing says the home has ‘major wow factor’, and is surrounded by homes costing between $5million and $15million in the affluent Sovereign Islands suburb.

Mr Jenkins said the house price was a ‘moving target’ as the price of Bitcoin increased.

‘That’s the amazing potential of this thing. But in a few years it could be worth much, much less.’ 

WHAT IS BITCOIN? 

Bitcoin is what is referred to as a ‘crypto-currency’.

Bitcoins are generated by using an oepn-source computer program to solve complex math problems.

Each Bitcoin has its own unique fingerprint and is defined by a public address and a private key.

Because Bitcoin allows people to trade money without a third party getting involved, they have become popular with libertarians as well as technophiles, speculators – and criminals.

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