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Coinbase CEO purchased a $133 million estate in Los Angeles

3 min reading

Ellen Bronfman Hauptman, the daughter of tycoon Seagram's heir Charles Bronfman, previously owned the mansion.

At the end of 2021, Brian Armstrong, the CEO of Coinbase, the leading crypto exchange in the United States, is said to have acquired multimillion-dollar real estate.

Armstrong purchased a $133 million Los Angeles mansion from Japanese businessman Hideki Tomita in December, according to The Wall Street Journal, citing unidentified sources familiar with the situation.

According to The Wall Street Journal, Tomita initially paid $85 million for the property in 2018. The latest purchase is said to be the largest house purchase ever made in the Los Angeles region.

The Bel-Air estate was previously possessed by Ellen Bronfman Hauptman, the daughter of billionaire Seagram's heir Charles Bronfman.

A 19,000-square-foot mansion with a theatre, a gym, and a double-height dining room is included in the property.

As per reports, Paul Williams built a 6,600-square-foot guest house in the area.

Coinbase was launched in 2012 by Armstrong and Fred Ehrsam, an American business executive and investor. In recent years, the exchange has developed rapidly and has become the top crypto trading platform in the United States in terms of trade volumes, going public on Nasdaq in April 2021.

Armstrong, along with FTX exchange founder Sam Bankman-Fried, has a reported net worth of $14.7 billion as of November 2021, with a 19% share in Coinbase. In March 2021, China's Hurun Research Institute called Armstrong "the world's biggest crypto billionaire."

Recently, crypto executives have started acquiring more real estate. In mid-December, Jonathan Yantis, co-founder of the nonfungible token platform Worldwide Asset eXchange, allegedly paid $12.5 million for a 70-acre estate outside of Denver.

Changpeng Zhao, CEO of Binance, the world's top crypto exchange, is said to have purchased his first property in Dubai in October 2021. He formerly said that he did not possess any real estate as of April 2021, stating that he sold his Shanghai flat in 2006 to purchase Bitcoin (BTC).



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