Cryptocurrency king Fred Schebesta misses out on real estate market boom

Australia’s most colorful cryptocurrency spruiker, Fred Schebesta, has seemingly missed out on the property market boom, with his high-profile Tamarama apartment pulled from auction last weekend.

The founder of Finder.com.au reported that he was selling the luxury penthouse to eventually pour his hopeful windfall into his ongoing passion, bitcoin.

Foreshadowing the listing of his redundant penthouse in June, Schebesta suggested it was worth more than $7 million.

“Selling it is a tragedy, but Bitcoin calls me too much,” he said at the time.

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In July, the tech mogul had appointed Conrad Panebianco of Raine & Horne to market the hillside Wonderland Avenue residence with modified price expectations of $6.5 million.

The forecast was cut to $5.8 million earlier this month.

And amid the showers of sunshine, attendees at Saturday’s opening for inspection were told $5.5 million could secure it.

The contemporary three-bedroom, two-bathroom penthouse with pool cost $3.9 million in 2017.

Schebesta has installed a beautiful mirror that gives the appearance of an enlarged space of 155 m².

Tamarama’s median apartment price sits at $2.79 million, according to CoreLogic, up from the median of $1.4 million in 2017. And investors are being told of improved rental opportunities $3,000 plus a week.

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The global crypto educator and enabler invested in bitcoin in 2017 when it cost just $4,000.

Bitcoin, one of the most well-known cryptocurrencies, has lost much of its value in 2022, although last month since the start of the auction campaign, the falls have stopped and it returned to around $31,000. by bitcoin. It sits well below its last high of US$67,000 in November 2021.

Schebesta co-founded Finder with Frank Restuccia in 2007 after the business partners sold their media agency Freestyle Agency for $1.3 million.

They then created one of the largest comparison sites in the country with 135,000 website members and 200,000 app users in 80 countries.

Last year, Finder launched Finder Earn, a crypto-based bank deposit competitor, offering its users a 4% return for exchanging Australian dollars for currency-linked “stablecoins”.

Schebesta spent a South Coogee-record $16.85 million last year to buy a 2003 home designed by Renato D’Ettorre Architects on Bunya Parade.

Now dubbed “The Crypto Castle,” the sprawling clifftop oceanfront home periodically fetches around $25,000 a night via Airbnb.

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Originally published as Cryptocurrency king Fred Schebesta misses property market boom

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