Crypto CEO Brian Armstrong Buys Los Angeles Home for $133 Million

Coinbase

Chief Executive Officer

Brian Armstrong

is the buyer of a $133 million Los Angeles estate, according to people familiar with the deal. The transaction, which closed in December, is one of the priciest single-family home sales ever completed in the L.A. area.

The seller was a limited liability company tied to Japanese entrepreneur Hideki Tomita, which bought the property for $85 million in 2018, records show.

The home is located in Bel-Air.



Photo:

Jim Bartsch

Coinbase is the largest cryptocurrency exchange in the United States and the first major cryptocurrency-focused company to go public. Mr. Armstrong is the latest in a string of major cryptocurrency executives who have purchased significant homes in U.S. luxury markets in recent months. Jonathan Yantis, the co-founder of the NFT blockchain Worldwide Asset eXchange, recently purchased a roughly 70-acre estate outside Denver for $12.5 million.

Coinbase Chief Executive Officer Brian Armstrong.



Photo:

Matt Winkelmeyer/Getty Images

The Bel-Air estate was formerly owned by the daughter of billionaire Seagram heir Charles Bronfman, The Wall Street Journal reported. At the time of the 2018 sale, it spanned about 4.6 acres and included a roughly 19,000-square-foot, minimalist-style mansion designed by British architect John Pawson, as well as a five-bedroom, Paul Williams-designed guesthouse on an adjacent parcel. 

The design of the main house, which has five bedrooms and was built in 2009, looks like cubes stacked on top of each other, with the top hanging over the lower level. It has a theater, a gym, a spa and a double-height dining room. 

Mr. Armstrong, an early bitcoin enthusiast, became one of the world’s richest people when Coinbase went public in April 2021, The Wall Street Journal reported.

The listing of Coinbase, the largest bitcoin exchange in the U.S., introduces a new way to invest in cryptocurrencies. WSJ explains how Coinbase is trying to distance itself from the risks of bitcoin to succeed on Wall Street. Photo illustration: George Downs

Corrections & Amplifications
Coinbase went public in April 2021. An earlier version of this article incorrectly said it went public earlier this year. (Corrected on Jan. 4)

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

https://www.wsj.com/articles/crypto-ceo-brian-armstrong-buys-los-angeles-home-for-133-million-11641249787

Next Post

Editorial Roundup: South Carolina | South Carolina News

Fri Jan 7 , 2022
Post and Courier. January 4, 2022. Editorial: As one housing innovator retires, Charleston must keep innovating By some measures, Charleston’s housing crisis is as severe as ever, as increasingly more workers across the city (and region) have a harder time finding a decent place to live near where they work. […]
Editorial Roundup: South Carolina | South Carolina News