Crypto CEO Brian Armstrong buys Los Angeles home for $133 million

Coinbase founder Brian Armstrong.
Coinbase founder Brian Armstrong.

Summary

  • The Coinbase chief executive bought the Bel-Air property from Japanese entrepreneur Hideki Tomita

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.

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.

The Bel-Airestate 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 earlier this year when Coinbase went public in April, The Wall Street Journal reported.

This story has been published from a wire agency feed without modifications to the text

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
more

MINT SPECIALS

Switch to the Mint app for fast and personalized news - Get App