Bali villa bought with bitcoin

An anonymous investor has purchased a villa in Bali for an estimated US$500,000 using bitcoin, the non-regulated, online-only currency.

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The deal involves the long-term lease of a new 279-square-metre villa at the deLMango Villa Estate and is in accordance with Indonesian foreign ownership laws.

It was completed in February through BitPremier, a bitcoin-exclusive trading platform for luxury goods, according to Property Report.

NBC News reported that one bitcoin was worth about $610 when the acquisition was finalised and observers believe that it could be the largest bitcoin transaction to date.

"This definitely validates the business model," Alan Silbert, the founder and CEO of BitPremier was quoted as saying.

The transaction would serve as a precedent for other investment opportunities using the controversial currency.

"It shows that bitcoin users want to buy things that are unique, and that are above and beyond T-shirts and electronics," Silbert told CoinDesk.

According to Property Report, the Bali villa features a contemporary tropical design with open-sided rooms, two bedrooms and two bathrooms. The new owner will be letting out the villa to gain income and rental returns, it said.

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