Coinbase CEO reportedly buys LA mansion for $133M


Brian
Armstrong
,
CEO
of
Coinbase

the
largest
cryptocurrency
exchange
in
the
United
States

reportedly
made
a
multi-million-dollar
real
estate
purchase
at
the
end
of
2021.

Armstrong
bought
a
$133-million
Los
Angeles
property
from
Japanese
entrepreneur
Hideki
Tomita
in
December,
The
Wall
Street
Journal

reported

on
Monday,
citing
anonymous
people
familiar
with
the
matter.

According
to
The
Wall
Street
Journal,
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.

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.

Armstrong
co-founded
Coinbase
with
American
business
executive
and
investor
Fred
Ehrsam
back
in
2012.
The
exchange
has
been
growing
massively
in
recent
years,
becoming
the
largest
crypto
trading
platform
in
the
U.S.
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.

Coinbase
did
not
immediately
respond
to
Cointelegraph’s
request
for
comment.
This
article
will
be
updated
pending
any
new
information.



Related:




Russian
bank
Sber
launches
blockchain
ETF
tracking
Coinbase,
Galaxy
Digital

Crypto
executives
have
been
increasingly
buying
real
estate
recently.
Jonathan
Yantis,
co-founder
of
the
nonfungible
token
platform
Worldwide
Asset
eXchange,
reportedly

purchased

a
70-acre
estate
outside
Denver
for
$12.5
million
in
mid-December.


Changpeng
Zhao
,
CEO
of
the
world’s
largest
crypto
exchange,
Binance,
reportedly

bought
his
first
home
in
Dubai

in
October
2021.
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).

read original article here