CRYPTOCURRENCY ACCEPTED AT PRIVATE AUCTION FOR LONG ISLAND MANSION
199 Woodside Drive, Hewlett Bay Park NY being Offered at $6,195,000.00
New York, NY – Paramount Realty USA, New York’s leading real estate auction house, announced today that it will be hosting a luxury auction on June 16 with Douglas Elliman agent Alex Sajovits for one of the largest and most impressive mansions in an affluent Long Island community.
The suggested opening bid for the auction is only $5,499,000—over 27% off its recent $7,595,000 asking price.
Dubbed the “Italian Mansion,” the 17-room masterpiece is located 23 miles from Manhattan in Hewlett Bay Park on the South Shore of Long Island. The village ranks as 18th on the list of highest-income places in the United States.[i] Hewlett Bay Park is part of an area commonly known as the Five Towns, which also includes Lawrence, Cedarhurst, Woodmere and Inwood.
The ENERGY STAR certified, green home, completed in 2015, includes 7 bedrooms and11 bathrooms. The home features nearly every amenity, including outdoor Gunite pool with infinity edge, indoor saltwater pool, HELO sauna for 12, 8-person steam room, THX-certified theater, gym, hydraulic elevator, temperature-controlled 1,200-bottle wine room, 3-car garage, Crestron Smart home, Generac whole-property generator, Bose speakers throughout, Aqua Life water filtration system and more.
“My client’s property is truly one of the most magnificent in the area, which is one of the reasons why we like a luxury auction for this property,” Elliman’s Alex Sajovits said. “It’s like art. Reconstructing this home today, just a few years after it was completed, would be significantly more expensive.”
The seller is accepting payment by both cash and crypto currency for the multi-million-dollar payment.
Misha Haghani, owner of auction house Paramount Realty USA, said “we are excited to bring to market a property as special as this and proud to be at the forefront of luxury property auctions in the metro New York area.” Bidders can submit bids at any time, including in advance of the June 16 auction deadline, and that bids are welcome in both cash and crypto currencies.
With swings as wide as 30% for Bitcoin in the last few months, a $6 million bid, for example, could be worth as little as $4 million or as much as $8 million by closing 60 days later, Haghani explained. The seller is relocating to Florida and “willing to take that risk.”