MALIBU—Dr. Wei Tzuoh Chen, a Malibu resident put his $45 million mansion up for sale and is accepting payment not just in dollars, but in the new cryptocurrency Bitcoin.
The 9000-square-foot beachfront home was originally designed by Chen with help from architect Ed Niles. The building is unique; built in a feng shui style, where the mansion features a “barbecue tower,” sculptures, a catwalk, odd angles in every direction and large windows instead of some walls.
Chen will sell the property and allow an unspecified portion to be purchased in Bitcoin. Bitcoin has been doubted by banks and economists. As it is, the worth of the currency can fluctuate daily, making buying or selling anything with it risky.
In an interview with CNBC, the kidney specialist showed a great interest in cryptocurrency. “I’ve been interested since it started, and I’m always watching what’s going on,” Chen said. “It’s going to be the future. It just depends which one is going to be stabilized in the current market.”
He did note that accepting the currency could be both risky and confusing.
“According to current situation, if you buy the property with cryptocurrency, it’s difficult to identify the cost of the real estate because it fluctuates so much,” Chen said. “The government will have a hard time to tax or put a property value on the house you are going to sell.”
Chen noted that most Bitcoin buyers come from out of the country. He has done quite a bit of research on different cryptocurrencies, and has even invested in a few of them. Chen agreed that it was not the safest plan, but was persistent he wanted to take the risk.