Propy to Hold First Ever Real Estate Auction on Blockchain
Global property store with a decentralized registry Propy in collaboration with Hilton & Hyland Real Estate, a leading luxury brokerage are selling ownership for Rome’s architectural Masterpiece el Palazzetto Mansion in a historical blockchain auction. Set to begin on June 28th, 2018 at noon PST, the event will accept offers both in USD and in cryptocurrency.
The Palazzetto Mansion was built by geniuses of the Italian Renaissance and it is located in the center of Rome’s historic Palazzo Albertoni Spinola declared World Heritage site by Unesco. This prestigious area and its richness of prominent archaeological sites and museums make it one of most desired places to live in Rome. The luxurious four-floor mansion is currently valued at €35 million including a redevelopment plan.
According to a blog post by Propy, this is a notable confirmation that the new technology is entering our everyday lives.
“We’re about to make history with the first blockchain-powered real estate auction taking place in the real estate industry”, said Alex Voloshyn CTO of Propy who will be overseeing the IT systems during the live auction. “This is the result of hard work, and we’re excited to inaugurate our first transaction within the European Union, with an innovative bidding process. We know this is not your everyday single-family house deal, however, through such ambitious projects we challenge ourselves to reinvent the real estate industry.”
The Blockchain technology automates the auction and offering mechanisms. It allows to hold temper-proof, publicly verifiable auctions and has the potential to make them accessible worldwide at a very low transaction cost.
Propy created an online portal to expedite the process and facilitate the access to more participants around the globe. Bidders need to follow these easy steps to take part in the auction:
- Create an account, review and sign the “BIDDER TERMS AND CONDITIONS” via DocuSign
- Deposit funds of $100,000 USD or its Cryptocurrency equivalent, to be able to bid.
- Place an opening and max bid or make an offer up to June 27th at noon PST.
- June 28th at noon PST, sign in and participate in the live streaming auction.
For more information about the historical auction or to register as a bidder, visit https://auction.propy.com.
Images courtesy of Propy