Richard “Rick” Hilton, chairman of Hilton & Hyland and perhaps more famously known as the father of Paris Hilton, is to sell one of his mansions for cryptocurrency via a blockchain auction. The Palazzetto mansion which is valued at over $38 million, will go on sale via a blockchain auction and can be purchased in either bitcoin or ethereum.

Rick Hilton is often referred to as ‘Paris Hilton’s father’, although, after amassing a fortune of $300 million (estimated), he probably deserves more respect than being called Paris Hilton’s father. Not to mention this move to sell his mansion for cryptocurrency is an incredible real world use case for blockchain technology and cryptocurrencies alike. This story is likely to gain a lot of media attention which can only be a positive thing for the crypto industry.

The Palazzetto is the most iconic mansion in Rome, featured in global media such as Forbes and CNBC. Designed and built by Giacomo Della Porta, influenced by and collaborated with Michelangelo, Della Porta finished St. Peter’s Dome. The genial imprint of Giacomo della Porta is revealed through: the integration of the two units that enables the ancient Palazzetto to extend into the new construction seamlessly; the creation of view perspective from the entrance of the ancient building; third with the enjoyment of the Palazzetto secret garden.

The mansion itself is listed on Propy, and the auction will begin 28 June, 2018. The mansion itself which is located in Rome is a 16th century mansion boasting 11 bedrooms and 15.

Blockchain auction

Propy is a blockchain auction site which focuses on connecting sellers and buyers of real estate. The sales of properties are then recorded on the blockchain. Users are a able to purchase the properties with bitcoin, ethereum or US dollars.

Propy completed the first ever cryptocurrency real estate sale in Ukraine in 2017. The company which describe themselves as “The Global Leader in Property Transactions Secured Through Blockchain”. The utilisation of blockchain technology allows to overcome the issue of cross border transactions whilst also storing any sales and purchases on ledger meaning title registry of real estate can not be disputed.

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