Site Of Fyre Festival Disaster Is Being Converted Into A Crypto Real Estate Development

Risk-taking investors looking for a unique Caribbean real estate purchase might consider AGIA Living.

AGIA Living, located on Great Exuma Island in The Bahamas just north of Emerald Bay, is offering a property sale through an Ethereum ETH/USD wallet. 

The opportunity may cause you to scratch your head. First, future owners must be enamored with purchasing a property only offering sale via crypto. The other is the location. 

If you’re wondering whether the property is located on the Great Exuma Island that’s the former site of one of the most infamous event disasters in modern history — the Fyre Festival — you would be correct.

The good news is, unlike the Fyre Festival, AGIA Limited International says it is offering property more luxurious than the wet Federal Emergency Management Agency (FEMA) tents Fyre concertgoers paid thousands to stay in back in 2017. There’s also no mention of cheese sandwiches.

AGIA says it plans to sell 60 ultra-luxurious pavilions and villas to be built atop the Bahamas’ Great Exuma via a series of upcoming non-fungible token (NFT) mints on the Ethereum blockchain. The development will include 60 homes, ranging from 1,000 to 6,500 square feet. Each will feature a private pool and a private floating boat slip.

"We bought this property because we saw its future, not its past," said AGIA International Co-Founder Erik Sanderson, whose team’s previous projects include The Setai in Miami Beach and Amanyara in Turks and Caicos. "We saw 60 acres of secluded, undeveloped land in the cul-de-sac of a beautiful island whose current government has allocated tens of millions to invest in its transportation, telecommunications and infrastructure throughout the island.” 

But purchasing the property is complicated and, not unlike the Fyre Festival, expensive. To gain access to AGIA’s crypto community, potential investors must spend $10,000 to mint an NFT representing the villa. That investment allows buyers to purchase the property by paying $3.5 million in crypto for another NFT. A third NFT will finally give investors the deed and title to the property.

Much like reaching the final round of an expensive game show, that third NFT could net investors access to a beach and yacht club, 100 rounds of golf and access to a fitness center. And if you’re interested in Bahamian citizenship, that process might also be expedited. 

AGIA plans to announce the date of its public offering later, but interested investors can join a waitlist by visiting AGIA Living. Fortunately, none of the marketing material mentions Billy McFarland, Ja Rule or Blink 182.

See more on the real estate market from Benzinga:

 

Photo courtesy of AGIA Living

Posted In: Alternative investmentsNFTreal estate investingReal Estate
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