Father of the American social icon and Reality TV star Paris Hilton and the chairman of Hilton & Hyland, Richard “Rick” Hilton, is selling the $40 million Palazzetto Mansion in a cryptocurrency auction. The mansion is located in Rome and it has an origin back in the 16th century. The Palazzetto Mansion is one of the icons of luxury in Rome, it houses 11 bedrooms and 15 bathrooms, but it doesn’t stop there.
The mansion also holds a dazzling movie theatre, a spa, and a gym. The Palazzetto Mansion is also connected to the Palazzo Grande and both the properties are known as Palazzo Albertoni Spinola combined. Keep in mind that Rick Hilton is not the owner of this Mansion. Instead, the owners of the mansion contacted Rick’s company, Hilton & Hyland to help the owners find someone who would want to buy the mansion.
Hilton & Hylands teamed up with a notorious crypto-based real-estate platform known as Propy to host the auction. The event will take place at 3 PM ET on 28th of June. Registrations for taking part in the auction are open till June 27. People interested in buying the mansion will have the option to bid for the mansion in US dollars or cryptocurrency once they have created an account on Propy. This is not a surprise since the Hilton Family is quite interested in cryptocurrencies and blockchain technology. In an interview, Paris Hilton’s father said that this auction marks the growing trust of real estate in the blockchain technology. Richard Hilton added that this auction will offer crypto investors an opportunity to solidify their worth with this trophy asset. In other words, this auction will allow cryptocurrency investors to act like rich people.
Keep in mind that this isn’t the first weird stunt where cryptocurrencies are being utilized to buy real estate property. Last year, a crypto enthusiast placed his £80,000 property on sale and gave the option of paying for the property with Bitcoin. He even said that he would honor the agreement even if the price of Bitcoin dropped after the deal was made. Earlier in February, 50 apartments were sold to Bitcoin owners by the Dubai-based Aston Plaza & Residencies.
And this isn’t the first time that the Hilton family is involved so deep with cryptocurrencies. In May this year, Paris Hilton was made the senior advisor for AQUA Intelligence, a blockchain powered data-driven platform. Paris Hilton herself is also a keen supporter of cryptocurrencies and even faced trouble because of her interests too. In 2017, Hilton promoted LydianCoin with a hashtag #thisIsNotAnAd on her Twitter account. However, the celebrity deleted all her tweets regarding the LydianCoin when it was revealed that Gurbaksh Chahal, CEO of Gravity4 was involved in legal issues. At the time, it was also noted that an endorsement from celebrities accounted for a lot of interest from the public towards the cryptocurrency.