Brian Armstrong, CEO and Co-founder of Coinbase, has reportedly paid USD 133m for a Los Angeles estate in what is considered to be one of the most expensive single-family home sales in the area to date.
The crypto exchange’s chief executive closed the real estate deal last month, buying the property from a company linked to Japanese businessman Hideki Tomita, The Wall Street Journal reported. The Japanese entrepreneur purchased the estate, located in the city’s affluent Bel Air neighborhood, in 2018, paying some USD 85m for the property, it added.
The LA complex was built in 2009, it is located on four contiguous land parcels totaling 4.6 ac (1.9 ha), and its total surface spans a 25,600 sq. ft (2,378 sq. m), providing its inhabitants with 10 bedrooms and 13 bathrooms, per luxury real estate news site Dirt.com. The property comprises a large mansion and a smaller guesthouse.
A lion’s share of the surfaces in the main house, which spans some 19,000 sq. ft, is covered with oak wood, and numerous glass walls will ensure Armstrong’s new home is filled with natural light. Its residents will also be able to enjoy a variety of facilities at the compound, such as a movie theater, a gym, two swimming pools, as well as a full-size tennis court.
Offering views of Downtown LA, the residence could provide comfortable refuge for Armstrong while he plans Coinbase’s further expansion beyond the exchange’s existing 73m users. A November 2021 memo by US investment firm Hayden Capital forecasts that, by 2025, Coinbase could reach annual revenues of USD 49bn, and earnings before interest, taxes, depreciation and amortization (EBITDA) of USD 30bn, providing the company with a total value of USD 740bn. Today its market capitalization stands at around USD 65.7bn.
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