Real estate investment company Cardone Capital CEO Grant Cardone recently announced that he will sell his luxury seaside mansion in Florida for 646 bitcoins, equivalent to approximately $42.03 million. This has caused a sensation in the US real estate industry. He stated that he would rather own more bitcoins or multi-unit residences than invest in a single mansion.
Grant Cardone, CEO of Cardone Capital and a bestselling financial author in the United States, is a self-made billionaire. He has founded 18 companies and owns 12,000 apartments, generating substantial income and managing over $4 billion in assets.
According to Benzinga’s report, Grant Cardone recently caused a stir in the real estate industry by announcing the sale of his Florida seaside mansion, which he purchased from American fashion designer Tommy Hilfiger in 2021 for $28 million. The mansion will be sold for 646 bitcoins, equivalent to approximately $42.03 million.
According to Grant Cardone’s post on Instagram, the mansion is located at 605 Ocean Avenue, Golden Beach, Florida. It sits on 0.06 acres of land and has a total area of 10,275 square feet. It features six bedrooms, a swimming pool, and overlooks a 100-foot private beach on the Atlantic Ocean.
Grant Cardone and his wife renovated the exterior of the mansion, including the cottage, beach villa, terrace, and swimming pool. They also installed new ocean-view windows and doors and upgraded the mansion’s landscaping.
Hoping to hold more bitcoins by selling the mansion
Grant Cardone believes that owning a house is a trap because people end up living in the same place for 30 years, paying the price for it. Renting is a better option because it offers flexibility. Compared to paying a mortgage for another 27 years, it is smarter to pay $2,000 in rent every month over the next 30 years.
In Grant Cardone’s view, buying a house as an investment may not necessarily be better because real estate returns are lower than other assets such as the S&P 500 index or bonds. After paying the down payment, not only do you lose the money, but you also have to repay the debt every month. If you want to profit from selling the house, you will be forced to use 70% of the profit to pay interest, 6% for real estate transaction commissions, and the usual 2% property insurance in Florida.
Regarding why he is selling the mansion, Grant Cardone also explained in a tweet that he would rather own more bitcoins or multi-unit residences than invest in a single mansion. He believes that now is the perfect time to sell, and he will invest the proceeds in bitcoins or purchase more multi-unit residences.
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