A home in Gulfport is going up for auction and will be sold as a non-fungible token – making it the first-ever NFT home auction in the United States.
Amy Heckler, real estate broker and president of Heckler Realty, is representing the seller for the auction of the home at 6315 11th Ave. S. The NFT auction will take place Thursday (Feb. 10), with an asking price of $650,000.
“I think this may change how real estate is transferred in the future,” Heckler said.
Heckler is representing Leslie Alessandra, a real estate investor and co-founder of the Tampa Bay crypto company DeFi Unlimited, who decided to sell the house as an NFT to promote the use of this innovative technology.
An NFT can be sold and traded. It is stored on a blockchain, a form of a digital ledger. NFTs are commonly and increasingly used for digital assets such as art, and can be used to trade ownership rights to physical objects.
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Alessandra is working with the Palo Alto-based real estate technology company Propy, which will mint the property rights into a digital token and host the online auction.
The ownership of the home would be obtained through a limited liability company, which will be transferred over as the NFT. Meaning, the buyer is purchasing the LLC that owns the house.
“This technology will revolutionize the real estate industry providing speed, transparency and security on a level not seen before,” Alessandra wrote in a description of the auction.
Heckler has previously worked with Alessandra on buying and selling properties she would flip for a profit.
“She approached me about the NFT,” Heckler said. “We spent a considerable amount of time to get all the legal info and the auction, et cetera. Once we had enough information, we launched it.”
Alessandra’s company, which creates software to help businesses enter the crypto space, will host an NFT launch party Friday evening (Feb. 11) at Nova 535 in St. Petersburg to promote the auction of the 2,164-square-foot home.
The four-bedroom, two-and-a-half-bathroom Gulfport estate was built in 1951.
The Spanish-inspired home has undergone renovations by the home designer who retained much of its original character, according to the property listing.
Notable features of the property include a large iron dinner bell and a brick archway in the front yard.
Inside the home, there’s a brick fireplace and a large oculus round window adjoining the kitchen.
The kitchen is outfitted with new appliances and quartz countertops.
The home has a garden area in the backyard that features a wood trellis and a firepit. There’s a guest garden suite separated from the main living quarters.
According to the auction description, local artist Derek Donnelly will create an indoor mural on one of the home’s exposed brick walls. The mural will be created into an NFT to be included with the house in the auction.
All of the interested home buyers will need to register and connect their virtual wallets to place a bid. The property inspection, title search and disclosures will become viewable.
The auction will be held from 10 a.m. to 5 p.m.