Brian Armstrong, the CEO of Coinbase, has bought a $133-million Los Angeles property from Japanese entrepreneur Hideki Tomita in December 2021.
It has been reported that Tomita originally purchased the real estate for $85 million in 2018. The new deal allegedly marks the biggest home purchase ever completed in the L.A. area. Prior to being sold to Tomita, the Bel-Air estate was formerly owned by Ellen Bronfman Hauptman, the daughter of billionaire Seagram’s heir Charles Bronfman.
However, the property includes a 19,000-square-foot mansion featuring a theater, a gym, and a double-height dining room. The property also reportedly had a 6,600-square-foot guest house designed by Paul Williams.
The report said that Coinbase has been growing massively in recent years, becoming the largest crypto trading platform in the US in terms of trading volumes and going public on Nasdaq in April 2021. With a reportedly 19% stake in Coinbase, Armstrong had an estimated net worth of $14.7 billion as of November 2021, being one of the world’s richest crypto investors alongside FTX exchange founder Sam Bankman-Fried.
Armstrong was also referred to as the world’s biggest crypto billionaire by China’s Hurun Research Institute in March 2021. Crypto executives have been increasingly buying real estate recently. Jonathan Yantis, the co-founder of the nonfungible token platform Worldwide Asset eXchange, purchased a 70-acre estate outside Denver for $12.5 million in mid-December.
Changpeng Zhao (CZ), the CEO of the world’s largest crypto exchange Binance, bought his first home in Dubai in October 2021.
Thus, he previously said that he did not own any real estate as of April 2021, claiming that he sold his apartment in Shanghai back in 2006 to buy Bitcoin (BTC).