Technology Magazine October 2017 | Page 10

WHETHER IN HER role as a Baroness , a fashion mogul , or an entrepreneur , Michelle Mone has always made a sizeable splash in the business world ; the lingerie tycoon rising through the business ranks to become David Cameron ’ s startup business tsar two years ago . Now , Mone is making waves in the property industry with her brand-new venture : selling homes in Dubai , paid for using Bitcoin . The Dubai skyline may already peppered with luxury apartments , however , Aston Plaza and Residences will be the first property development ever to be sold using the cryptocurrency .
Disruption in the housing market
INVESTMENT

WHETHER IN HER role as a Baroness , a fashion mogul , or an entrepreneur , Michelle Mone has always made a sizeable splash in the business world ; the lingerie tycoon rising through the business ranks to become David Cameron ’ s startup business tsar two years ago . Now , Mone is making waves in the property industry with her brand-new venture : selling homes in Dubai , paid for using Bitcoin . The Dubai skyline may already peppered with luxury apartments , however , Aston Plaza and Residences will be the first property development ever to be sold using the cryptocurrency .

Baroness Mone of Mayfair became a millionaire after founding the lingerie brand Ultimo in 1996 with her ex-husband Michael Mone now she ’ s launching her newest venture alongside her current boyfriend and business partner Douglas Barrowman , chairman of the Knox Group of companies .
Sitting in the sleek study of the Dorchester Hotel , the business duo are optimistic about the future of property development and cryptocurrency . “ We think it ’ s quite disruptive and ground-breaking ,” says Barrowman .
“ Whilst apartments have been sold sporadically on cryptocurrency , no one has actually taken a $ 250mn , large-scale development and said that they ’ re prepared to accept Bitcoin as payment .”

Disruption in the housing market

“ It ’ s really a world first ,” adds Mone . “ I ’ m sure that lots of other developers will follow us after this global launch .” The venture comes as Bitcoin ’ s value tumbled 20 % recently , following a record-high of $ 5,000 . However , peaks and troughs are not uncommon for volatile cryptocurrencies so Mone and Barrowman remain optimistic about its future . “ This venture is a great opportunity to showcase the crypto world and allow people the opportunity to trade crypto currency for hard-backed assets such as land and property ,” notes Barrowman . Aston Plaza and Residences , will be located opposite the Dubai Hills – “ the Beverly Hills of Dubai ,” says Mone . Designed by architects John R . Harris & Partners , the development spans over 2.4mn sq . ft and consists of two luxury apartment towers and a shopping mall .
10 October 2017