This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Las Vegas Developer Selling $7.85 Million House for Bitcoin

LAS VEGAS -- A casino owner-turned-commercial developer is asking $7.85 million to sell a Las Vegas home, and he's willing to accept the online currency Bitcoin for the deal.

Jack Sommer said he got the idea to seek Bitcoin for his 25,000-square-foot mansion from two of his sons, who've been involved in making and trading the currency.

"The advantage is that we're expanding our market and adding some notoriety," Sommer said.

Bitcoin peer-to-peer trading began in 2009. Value is purchased through an exchange website with a mainstream paper currency, such as dollars or euros, though trading isn't government-regulated.

Using the currency can streamline international business deals, said Julian Tosh, a consultant and owner of the marketplace website bitcoinsinvegas.com.

"There are a bunch of people who have Bitcoins, and they're dying for a place to spend it," Tosh told the Las Vegas Review-Journal.

He said Sommer's willingness to accept Bitcoin could open the home to a global audience.

"If you increase awareness of potential buyers, you could tap into new markets," Tosh said.

Sommer has put a lot of work into the home in the posh Spanish Trail Country Club. It features marble from China, Iceland and Brazil, a full basement, staff quarters with Jacuzzis, and a secret garden. It also has 39 air-conditioning zones fed from a 120-ton cooling tower.

Library shelves are stainless steel clad in American cherry wood, and the view from the owner's suite is of golf course fairways.

Sommer once owned the Aladdin resort, which is now the Planet Hollywood Resort on the Las Vegas Strip.

He said he and his wife, Laura, considered the additions they've made to the home "an exercise in how many cool details we could put in." He said they were downsizing now that their seven children have grown and moved out.

Sommer's sales agent, Craig Tann, of Prudential American Group's Estates of Las Vegas team, said the home may be the first in southern Nevada to be marketed formally around Bitcoin.

A range of businesses accept the currency. A California Lamborghini dealership sold a $103,000 Tesla to a Florida man for 91.4 bitcoin, the Review-Journal reported, and a Canadian man listed his Alberta home for the Bitcoin equivalent of $405,000.

The currency hit a watermark when Bank of America Merrill Lynch said this month that one bitcoin could have a maximum value of $1,300, or more than the price of an ounce of gold.

A Bitcoin on Friday was valued at about $870, up from $10 in January.

Tosh acknowledged the volatility in value could make a $7.85 million Bitcoin trade risky.

"Locking in a price for such a large transaction is going to be kind of difficult," he said. "If the value is changing 30% a day, how do you quantify that in a contract and expect each side to hold on for 30 to 90 days while escrow clears?"

 

Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs