Australia’s Crypto King’ has put his sprawling $6.5million penthouse on the market so he can buy-up more as the price plummets.
Fred Schebesta, in June announced he would sell the stunning property in ‘s eastern suburbs if the price of the cryptocurrency fell below $US12,000.
The AFR Young Rich-Lister and co-founder of the comparison website Finder, has made a fortune trading digital currency but in the past year Bitcoin has dropped more than 50 per cent in value.
Despite the staggering losses, Mr Schebesta is set to double-down on his investment with Bitcoin currently at its lowest point since 2020, hovering around $AU29,000, or $US20,000.
Fred Schebesta, a co-founder of the comparison website Finder, plans to spend the money from the sale of his Tamarama ‘dream home’ on investing in digital currency
The AFR Young Rich-Lister in June announced he would sell the stunning property in Sydney’s eastern suburbs if the price of bitcoin fell below $US12,000
The tech tycoon told the the time feels right to part ways with the dazzling property.
His penthouse features a lift that transports guests from inside a private garage to the heart of the home which boasts uninterrupted views of the ocean.
The property is just a 300m walk from the iconic Tamarama beach and features a pool, private terrace, two balconies, three bedrooms and two bathrooms.
Mr Schebesta said the pad is nestled in a peaceful pocket in Tamarama but is still only a short distance from the CBD and the bustle of Bondi Beach.
His penthouse features a lift that transports guests from inside a private garage to the heart of the home which boasts uninterrupted views of the ocean
The property is just a 300m walk from the iconic Tamarama beach and features a pool, private terrace, two balconies, three bedrooms and two bathrooms
‘You can walk just 300m and you’re in the action, but you’re also living in a quiet pocket. Tama is peaceful, I looked at Bondi but it was too noisy for me,’ he said.
‘I wanted a place that mixed that Bondi lifestyle with the quietness of Tama.’
The Crypto King explained that while it was a ‘tragedy’ to part ways with the home, the falling price of bitcoin had been calling his name.
Mr Schebesta bought the home off-plan for an estimated $3.9million in 2017 when it was just ‘a hole in the ground’.
The property has been transformed into ‘Tamarama’s best penthouse’ as described by listing agent Conrad Panebianco of Raine & Horne.
‘A lot of people say the live in a penthouse apartment, but they don’t. This is a true New York style penthouse,’ the agent told Daily Mail Australia.
Mr Schebesta (pictured) bought the Tamarama penthouse off-plan for an estimated $3.9million in 2017 when it was just ‘a hole in the ground’
Mr Schebesta is estimated to have a net worth of around $200 million (pictured, the view from one of the three bedrooms inside his $6.5million Tamarama penthouse)
‘You get out of your car, hop into the lift, press the penthouse level and if gives you direct access to your living space, which then extends through to the incredible views and the oversized balcony, not to mention your own private pool.
‘The lifestyle the apartment offers is incredible, five minutes from everything, and when you’re home, you have this private and peaceful residence set overlooking Tamarama beach.’
Mr Schebesta is estimated to have a net worth of around $200million and last May purchased a $17million mansion in Coogee, https://www.spacelaunchreport.com/ just down the road from his Tamarama penthouse, thanks to his Bitcoin profits.
He plans to hold on to his jaw-dropping waterfront property, known as the ‘Coogee Crypto Castle’ for a little while longer.
The property (pictured) has been transformed into ‘Tamarama’s best penthouse’ as described by listing agent Conrad Panebianco of Raine & Horne
He plans to hold on to his jaw-dropping waterfront property, known as the ‘Coogee Crypto Castle’ for a little while longer