[2014-08-11] Lake Tahoe Property Sells in Bitcoins

[erono]

http://online.wsj.com/articles/lake-tahoe-property-sells-for-1-6-million-in-bitcoins-1407534997

 Brian Hull, Martis Camp's director of sales, said the buyer was a "Silicon Valley entrepreneur," but declined to disclose his name. He said the buyer purchased the land through a trust, and plans to build a home on the site.

The idea to pay for the Tahoe property with bitcoins came from the buyer, said Mr. Hull. "When we originally heard the idea of bitcoin, everybody had a little pause," he said. "We weren't educated at how the transaction would go."

[lyth0s]

Is that article behind a paywall? I actually didn't know WSJ did that...

[Mobius]

I think this is great for getting the word out about bitcoin, however from the looks of the article, it looks like the seller converted the BTC to fiat right away. I do think it is really good that people are using bitcoin for these large purposes.

[freedomno1]

Geh Paywall hate those buggers
Alternative sourcing

http://www.forexnews.com/blog/2014/08/09/bitcoin-micropayments-coming-youtube-property-sells-2739-btc/

A Lake Tahoe property just got sold for 2,739 bitcoins (that’s $1.6 million in that old fiat currency).  The home is located in Martis Camp, a private luxury recreational resort in Truckee, California. The 2,177-acre resort, near Lake Tahoe’s north shore, also has a Tom Fazio golf course, a 44-seat movie theater and an aerial adventure park with rope courses and a zip line. Bitcoin payment processor BitPay handled the transaction. Just in case you want to sell your home for bitcoins, here’s how the process works. First, the seller creates an invoice for the price of the property. The invoice can be in bitcoin or U.S. dollars. The invoice is then passed to the purchases who then has 15 minutes to complete the payment. If the payment is not completed during the allotted time, the bitcoin exchange rate will be recalculated