Digital currency can purchase $5.8M Summerlin home – Las Vegas Review-Journal

A Las Vegas couple is accepting cryptocurrency to expand the pool of buyers for their $5.8 million home in The Ridges in Summerlin — taking advantage of the growing use of digital currency as part of real estate transactions in Southern Nevada, real estate industry executives say.

Although valley homeowners have marketed that they would accept cryptocurrency currency in the past for their listings, Las Vegas Realtors said it’s rare for any direct transactions using Bitcoin or other digital currency. Instead, people have more widely used digital currency as proof of funds to purchase and later converted that into cash before buying the home.

“That’s especially happening in the luxury arena,” said Realtor Zach Walkerlieb, the owner of Willow Manor, which is part of Keller Williams Realty. “We are beginning to see proof of funds showing ‘I can purchase this property, but I just have to turn it into cash.’ This is almost the same thing if someone shows me a stock account that has a value of $5 million. They just have to change the stock into cash. This happens more often than you imagine because there are so many people that made a lot of money off crypto and haven’t transacted it yet. I have a friend who has millions in cryptocurrency who works a $70,000-a-year job right now. He’s got so much in crypto and no other money in stocks.”

Clark County property records show the two-story home, 14 Drifting Shadow Way, was built in 2009 and acquired in November for $2.74 million. It has since been extensively remodeled by Realtor Madison Blau Benshimon, an agent with the Ivan Sher Group of Berkshire Hathaway HomeServices, and her husband, Michael Benshimon. She is the listing agent for her home.

The home measures 7,813 square feet with six bedrooms

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