Cryptocurrency executives are tapping the real-estate market. The latest one to do so is none other than Coinbase’s Brian Armstrong, who just bought a lavish Bel-Air property from Japanese entrepreneur Hideki Tomita that was previously owned by Seagram Heiress Ellen Bronfman.
Brian Armstrong’s Costly Affair in LA
According to a report by The Wall Street Journal, Armstrong purchased a massive $133 million Los Angeles estate. The deal was closed in December last year, and several reports claim that it was one of the costliest “single-family home” sales ever completed in the Los Angeles area. The Coinbase exec’s luxury estate was bought from a company linked to Hideki Tomita, the Japanese founder of Dip Corporation.
Designed by internationally acclaimed English architect John Pawson, the nearly-five-acre property was never officially on the market. Instead, it was a private affair. Even the buyer wasn’t known up until very recently. Interestingly, the Japanese entrepreneur had originally bought the real estate for $85 million four years ago.
The original owners were Seagram heiress Ellen Bronfman Hauptman, a daughter of billionaire Charles Bronfman, and her investor husband, Andrew Hauptman. Hence, it was a big score for Tomita.
Besides, the estate includes a 19,000-square-foot main and a guest mansion that spans 6,600-square-foot in addition to a tennis court, two pools, a motor court as well as other amenities such as a home theater and a gym.
Fun fact: Armstrong’s latest abode happens to be the only Pawson-designed house in LA.
The Man Behind Coinbase
The 38-year-old founder of Coinbase helped the exchange go public last year, making it the first platform dedicated entirely to cryptocurrency to foray into the US stock exchange. After April’s direct listing, Armstrong has seen a considerable leap in terms of his net worth. According to Bloomberg’s Billionaires Index, the exec’s net worth currently stands at $9.6 billion.
With his latest purchase, Armstrong joins the list of his contemporaries, such as Binance’s Changpeng ‘CZ’ Zhao, who purchased his first home in Dubai in October last year.
Featured Image Courtesy of Fortune
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