Real Estate

The real estate sector has long been rooted in traditional financial systems, with established structures for transactions, financing, and ownership. However, cryptocurrencies and blockchain technology are beginning to disrupt this landscape, offering new opportunities and efficiencies for buyers, sellers, and investors. In the United States, where the real estate market is both extensive and highly regulated, cryptocurrencies bring several potential benefits that could reshape the industry in significant ways. Below, we explore how cryptocurrencies are transforming American real estate. 

Continue reading this article before you think of looking at the BTC to USD conversion rate. 

1. Increased Accessibility for Investors 

Cryptocurrencies enable fractional ownership of real estate properties, allowing more investors to enter the market without needing significant capital. By tokenizing real estate assets on the blockchain, properties can be divided into digital shares that can be sold individually. This system allows investors to buy smaller portions of properties, making real estate investment more accessible to a broader audience. Instead of saving for years to purchase a property outright, potential investors can now diversify their portfolios with fractional property ownership. 

For instance, a commercial building in New York could be tokenized, and each digital share sold to individual investors. This democratizes real estate investment, giving Americans from various financial backgrounds the opportunity to participate in the real estate market. 

2. Streamlined Transactions with Lower Costs 

Real estate transactions are notorious for being time-consuming and costly due to the layers of intermediaries involved, including brokers, banks, escrow agents, and attorneys. By leveraging cryptocurrency transactions, these processes can become more efficient and cost-effective. Cryptocurrencies rely on decentralized systems that don’t require traditional financial intermediaries, which allows for direct transactions between buyers and sellers. This peer-to-peer model can save significant amounts in transaction fees, which typically go to intermediaries. 

Furthermore, blockchain’s transparency and reliability help verify and track transactions, reducing the need for extensive paperwork. This streamlining could lead to reduced closing times and associated costs, making real estate deals faster and more efficient. 

3. Enhanced Transparency and Security 

Blockchain technology underpins cryptocurrencies, providing an immutable ledger of all transactions. In the real estate industry, transparency and security are paramount, especially in high-value transactions that involve sensitive information and complex legal arrangements. Blockchain’s security features—such as cryptographic validation and decentralized data storage—make it extremely difficult for information to be altered or tampered with. 

For American real estate buyers and sellers, this added layer of transparency can reduce fraud and misrepresentation. Additionally, using blockchain can increase trust between parties, as each party can verify property records, ownership history, and transaction details on an open ledger. This kind of transparency could significantly reduce fraud cases, which are especially prevalent in markets where ownership titles and deeds are susceptible to tampering. 

4. Attracting Foreign Investment 

Cryptocurrencies make cross-border real estate investment simpler by bypassing traditional financial systems, which often impose stringent requirements on foreign transactions. Foreign investors can easily convert their local currency into cryptocurrency, allowing them to invest in American real estate without needing to go through complex currency conversions and transfer processes. Cryptocurrency transactions can also avoid the heavy fees often associated with international money transfers. 

This increased accessibility and reduced transaction cost can make the U.S. real estate market more attractive to foreign investors. By facilitating cross-border transactions, cryptocurrencies could encourage more international investment, injecting capital into the American economy and boosting property demand in various regions. 

5. Smart Contracts for Efficiency and Accuracy 

Smart contracts are self-executing contracts where the terms of the agreement between buyer and seller are directly written into lines of code on the blockchain. They offer a revolutionary way to streamline real estate transactions by automating and enforcing contract conditions without human intervention. 

For instance, in a real estate purchase, a smart contract could automatically release funds to the seller upon the completion of agreed-upon milestones (like transfer of title or proof of inspection). This automation reduces the need for third-party verification, making transactions faster, cheaper, and more accurate. Smart contracts can also reduce human error and improve the integrity of contractual agreements, further enhancing the security and efficiency of real estate transactions in the U.S. 

6. Reducing Bureaucratic Complexity 

Traditional real estate transactions require multiple bureaucratic steps, from title searches to notary requirements, each of which can slow down the process. Cryptocurrencies, backed by blockchain technology, can help simplify these procedures by reducing paperwork and automating processes. 

For example, by placing real estate records and titles on the blockchain, title transfers can be verified and conducted digitally, eliminating the need for exhaustive record searches and notarized documents. This simplification could significantly reduce the time and costs associated with closing deals, providing a much more seamless experience for buyers and sellers alike. 

7. The Potential for Enhanced Privacy 

Traditional real estate transactions require buyers and sellers to disclose extensive personal information to various third parties, from banks to escrow companies. With cryptocurrency transactions, there is potential for more privacy. Because blockchain transactions do not require disclosure of the same level of personal information, buyers and sellers can maintain a higher level of anonymity while still adhering to regulatory requirements. 

For investors, in particular, this level of privacy can be an attractive feature, allowing them to purchase property without revealing personal details publicly. However, it’s important to note that some level of disclosure is still required for regulatory purposes, particularly with Know Your Customer (KYC) and Anti-Money Laundering (AML) laws, ensuring the market remains secure and compliant. 

Conclusion 

Cryptocurrencies are steadily making inroads into the American real estate market, bringing enhanced efficiency, accessibility, and transparency. By reducing reliance on intermediaries, enabling fractional ownership, and facilitating cross-border transactions, cryptocurrencies offer new avenues for individuals and businesses to engage with real estate. As adoption continues, cryptocurrencies have the potential to reshape the real estate landscape, offering a faster, more flexible, and more secure alternative to traditional transaction methods. 

While regulatory challenges and market volatility still need to be addressed, it’s clear that cryptocurrencies hold the potential to make real estate transactions more inclusive, efficient, and secure. As these technologies evolve, they could ultimately redefine the American real estate landscape, providing new opportunities for both local and international investors. 

A decommissioned Cold War-era Royal Observer Corps nuclear bunker in England has just been put on the real estate market and is set to be auctioned off later in July.

Knewz.com has learned that the unique property comes with additional features like secure off-road parking and a shed.

The property has been listed by SDL Property Auctions, tantalizing potential buyers by describing it as a “piece of past war British history.”

Located in the town of Sedbergh in Cumbria County, the up-for-sale nuclear bunker is actually a Royal Observer post built by the British Royal Observer Corps in the 1950s.

SDL wrote in the property listing that the bunker was designed to accommodate three observers and provide protection against nuclear explosion and the resulting fallout.

Observers stationed at the Royal Observer posts in the 1950s were “expected to report on the nuclear bursts and on the fall out of a nuclear attack.”

“They were provided with enough food and water for fourteen days and had a landline and radio communications available to them,” SDL Property Auctions wrote.

Pictures of the property posted by SDL show a sizable plot of land with a hatch that leads to the underground interior of the bunker.

The company further mentioned that the bunker is secure, dry, and in its original condition, and has been renovated and decorated by the current owner of the property. The landline telephone connection is still active and the company noted that it can have broadband connected.

The current owner has also built a shed right next to the entrance of the bunker.

“The site also has its own gate to access the land it comes with and vehicular access from the road over the land for access,” the property auction company wrote in the listing.

Decommissioned and sold off in 1993, properties like these are rather lucrative real estate opportunities for telecom companies since these nuclear bunkers were built as telecommunication posts.

SDL Property Auctions mentioned in the property listing that the location of the bunker is suitable for the installation of mobile phone towers.

The property is set to be auctioned on July 25 with a guide price ranging between $19,462 to $25,949.

“The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Variable Fee (England and Wales). Binding contracts of sale will be exchanged at the point of sale,” SDL Property Auctions clarified.

This is not the first time a nuclear bunker has made its way into the real estate market as a similar listing was put up across the Atlantic in January 2024.

A Cold War-era nuclear bunker converted into a three-bedroom home located a few hours from Seattle in the United States was listed on WashingtonMissileBase.com.

The listing claimed that the property is “move-in-ready with its three furnished bedrooms, three bathrooms, a games room, and a library, and features an elevator that was built by the previous owner who happened to be an engineer by trade,” per a Knewz.com report.

Priced at over a million dollars, the nuclear bunker near Spokane County in Washington State features 24.5 acres of land and includes a landing strip. The interior features 16,740 square feet of living space, with additional space where things like tractors, RVs, cars, and surplus food can be stored.

The Beverly Hills, California home where brothers Erik and Lyle Menendez shot and killed their parents in 1989, has found a buyer for $17 million.

The sale went through on March 20, 28 years to the day the brothers were convicted of murder,Knewz.com  has learned.

The 9,063-square-foot, Mediterranean-style villa with seven bedrooms, a pool,  a private tennis court and a  two-story guest house among other amenities, was sold by listing Agent Amy Vertun of Rodeo Realty, Realtor.com reported.

Located in the famous Beverly Hills 90210 zip code, the sale was made after the price was dropped from $19,999,500. It was sold by telecommunications executive Sam Delug who had owned the house since 200. Back then he bought it for a mere $3.7 million.  

Realtor.com said according to a forensic appraiser, the $17 million sale was around 25% below market rate. However, the appraiser, Orell Anderson said, that homes where there have been highly publicized murders sell below market value because of the connotations associated with them.  

“It really is the bad voodoo that comes in when buying a house to live in with your family, that can creep out people,” Anderson said. “There tends to almost always be a discount, but sometimes it’s purchased by people who are not bothered by these things.”

A lawyer for the family estate said in court filings  that “It was widely believed by the home-buying public and the real estate brokers and agents that this house had bad ‘karma,’ and was one to be avoided,” according to the Los Angeles Times.

The house had been on the market since December 1, 2023 and was listed months after the Peacock docuseries “Menendez + Menudo: Boys Betrayed,” aired, which sparked renewed interest in the murder case.

Lyle and Erik Menendez, who were 21 and 18 respectively at the time, were convicted on March 20, 1996, of murdering their parents – music executive José and Mary Louise (Kitty) Menendez with a shotgun in the family home’s den on Elm Drive.

Prosecutors said their motive was to inherit their father’s multimillion-dollar estate along with the home.While the brothers admitted to the killings, they claimed to have acted in self-defense, painting their father as both physically and sexually abusive. They also claimed José threatened to kill them if they revealed the abuse.

The brothers underwent two trials. The first, in 1993, ended in a hung jury. However, in the second trial in 1996, Erik and Lyle were convicted of first-degree murder and sentenced to life in prison without the possibility of parole.

According to Realtor.com, the mansion was originally built in 1927 and redesigned in 1984 by real estate mogul and Menendez family friend Mark Slotkin. He sold the house to José Menedez in 1988 for $4 million.

Slotkin, testified for the defense in Erik and Lyle’s trial. He stated that the soundproofing he installed in the home when he redesigned the place made it unlikely that a maid would have overheard the family’s screaming arguments that she testified to.  

Plans to build a luxurious utopian sustainable city at the base of an active Japanese volcano are advancing.

Toyota’s Woven City, which is being built miles away from Mount Fuji on the island of Honshū, is expected to welcome in its first 2,000 residents by the end of the year, Knewz.com has learned.

The fact that the project is nearly completed comes soon after photos of Saudi Arabia’s smart city project, The Line, were released.

According to Metro, Woven is advertised as a “mass human experiment” that will include a “living laboratory” for Toyota to try out renewable and energy-efficient self-driving vehicles that are called “E-palettes.”

The entire project is slated to cost more than $7 billion, according to Metro.

One of the world’s largest car manufacturers, Toyota plans to gather information from the city’s driverless cars, which will be guided by sensors in lights, building and roads.

That will allow the company to gain information on both automotive and pedestrian traffic.

Woven City will also include “smart homes” that run nearly entirely on hydrogen, reducing emissions by being as sustainable and eco-friendly as possible.

“Building a complete city from the ground up, even on a small scale like this, is a unique opportunity to develop future technologies, including a digital operating system for the city’s infrastructure,” Akio Toyoda, Toyota’s president, said. “With people, buildings and vehicles all connected and communicating with each other through data and sensors, we will be able to test connected AI technology in both virtual and the physical realms, maximizing its potential.”

Aside from all the technological bells and whistles, structures will be built in traditional Japanese style from wood.

The smart city is just one of many intriguing projects underway around the world.

As Knewz.com reported on January 26, one startup company is planning to put the largest-ever fully electric concept plane into the sky in about a decade.

The Elysian E9X, a 90-seater plane that is expected to one day travel up to 620 miles, is expected to be ready for flight in 2033.

“This aircraft, designed for regional routes, showcases the potential of battery-electric aviation as a scalable and economically viable option compared to traditional aviation, setting the stage for a zero-emission future of the industry,” Elysian Aircraft, based in the Netherlands, states on its website.

Elysian Aircraft states that the new, massive plane has the potential to reduce 20 percent of all aviation CO2 emissions.

The company also touts that the plane achieves five times higher efficiency per passenger mile than hydrogen- or SAF-powered aircraft.

The plane is coming to fruition through Elysian’s partnership with Delft University of Technology, which wrote two papers published January 4 in the journal American Institute of Aeronautics and Astronautics.

According to the second paper, current battery technology is equipped for only short-range flights of up to 250 miles.

“Battery-electric aviation is commonly believed to be limited to small aircraft and is therefore expected have a negligible impact on the decarbonization of the aviation sector. In this paper we argue that, with the correct choice of design parameters and top-level aircraft requirements, the addressable market is actually substantial,” the paper states.

The second paper, authored by Reynard de Vries, Rob E. Wolleswinkel, Maurice Hoogreef and Roelof Vos, also argues that planes such as the Elysian E9X can revolutionize the industry.

“These results indicate that, to successfully reduce the climate impact of the aviation sector, battery-electric aircraft should not be designed as a niche product operating from small airfields but as commercial transport aircraft competing with fuel-based regional and narrowbody aircraft,” the paper concludes.

Simay Akar, Institute of Electrical and Electronics Engineers senior member and the CEO and founder of AK Energy Consulting, told Live Science that the paper’s assertions “would depend on breakthroughs in battery energy density, weight, and efficiency to achieve such ambitious goals.”

According to Live Science, the plane will feature batteries integrated into the wings, a low-wing configuration, as well as folding wingtips. The authors compared the environmental effects to those of electric vehicles.

Wynn Resorts has unveiled its latest plans for a multibillion project at Hudson at New York City’s Hudson Yards.

The resort will include a 5.6-acre park, a gaming resort, a residential building and even a school, Knewz.com has learned.

Related Companies/Oxford Properties Group and Wynn Resorts revealed project renderings for Wynn New York City on Thursday, dubbed “a first-of-its-kind resort,” designed to revitalize the Hudson Yards neighborhood and Manhattan’s West Side.

The project, they stated, is the single largest investment in the communities of Chelsea, Hudson Yards, Hell’s Kitchen and the entire West Side. 

In a release, the companies stated that the Hudson Yards West project will be developed on a platform to be built above the abandoned railyard between West 30th and West 33rd Streets and 11th and 12th Avenues.

According to the statement, the project is an “unprecedented neighborhood investment,” and will create 35,000 union construction jobs and 5,000 permanent careers in the resort.

The entire project, once complete, will include 5.6 acres of publicly accessible, contiguous open space with access to the Javits Center and nearby parks; a 2.7-million square foot casino with hotel rooms and suites, restaurants, bars, lounges, and a spa; a residential building including affordable housing; commercial office space; a public school with 750 seats; a community facility; and a daycare center. 

“Hudson Yards has already proven to be an unparalleled catalyst for the New York economy, first through tens of thousands of construction jobs and now as home to the world’s leading companies, retail and housing,” Related Companies CEO Jeff T. Blau said in a statement. “Moving forward with the second phase of development presents an incredible opportunity to double the impact and provide generational benefits to the State, City, and especially our West Side neighbors.”

Craig Billings, CEO of Wynn Resorts, said, “Wynn New York City will attract luxury and aspirational travelers to our destination resort…Wynn guests consistently spend more when they travel. That results in greater tax revenues for the City and State and more spend in the local community, all with less foot traffic than might be required at other resorts.”

Additional features are also part of the proposal, including a community benefits program, security program and traffic mitigation plan.

However, Wynn and Related Companies are still undergoing the environmental review process and have not yet submitted their full application for the casino to the New York State Gaming Facility Location Board.

According to GlobeSt, if approved, the casino will occupy the bottom five floors of an 80-story, 1,750-key hotel, which also will feature a ballroom and conference space as well as retail and restaurants.

In addition, there will be a 1,400-foot office tower, and a 1,200-foot residential tower. The proposed residential tower will have 1,507 units of which 324 will be designated as affordable.   

The site for the proposed casino sits next to the Javits Center, NYC’s convention center. However, the proposal is up against competition from Larry Silverstein of Silverstein properties, also in Hudson Yards but closer to Hell’s Kitchen.

In a March 19 statement sent to Knewz.com, Michael Weaver, Chief Communications and Brand Officer of Wynn Resorts, said: “Although the total development cost for the Western Hudson Rail Yards complex may be as high as $12 billion, as recently reported, the development cost for the Wynn New York City gaming resort is approximately $5.7 billion, excluding licensing fees and financing costs.”

A historic vessel once regarded as “America’s Flagship” is on the brink of eviction after more than 25 years at a pier in Pennsylvania, where it reportedly costs $1,700 to be docked each day.

The SS United States — which is more than 100 feet longer than The Titanic — once hosted iconic celebrity passengers and was hailed as the fastest ocean liner to conquer the Atlantic, Knewz.com has learned.

The ship’s remarkable speed earned it the coveted Blue Riband award from Great Britain upon its maiden voyage in 1952. Partially sponsored by the U.S. government during the Cold War era, it was designed as a potential rapid troop carrier if geopolitical tensions escalated, according to the website for the SS United States Conservancy, the nonprofit organization that has overseen the vessel since 2011.

Despite its high level of regard and rich history, the ship faces an uncertain future as it languishes at Pier 82 in south Philadelphia. Its retirement has been fraught with challenges, including the recent threat of eviction due to a lawsuit from Pier 82’s landlord, Penn Warehousing, according to an NPR report on Monday, March 11.

The lawsuit alleges the SS United States Conservancy owes between $700,000 and $800,000 in back rent, Warren Jones, one of the conservancy’s board members, told the radio station. He said the organization entered into the agreement more than a decade ago, and during the pandemic, the rent was unjustly doubled.

“The rental agreement that they wrote and presented to us had no provision in it for escalating the rent and it even had no time limit on the lease as well,” Jones said.

Both parties presented their arguments before a federal judge, leaving the fate of the ship in legal limbo. But even if the ship is allowed to stay at Pier 82, the conservancy believes it will need a new home.

“She’s ready to bust a move,” the head of the conservancy, Susan Gibbs, told NPR. “She’s been here long enough; she’s ready to go to the next port of call.”

A multimillion-dollar redevelopment project has been in the works that would return the SS United States to its original base in New York, but plans are not set in stone and the conservancy must act fast.

“There are a number of different possibilities, and we are open to any of them at this point,” Gibbs said. “Time is of the essence.”

She said the organization was also open to the idea of docking the ship in Florida or on the West Coast, as well as keeping it in Philadelphia.

The vessel’s physical condition, worn by signs of its 72-year journey, underscores the need for action. Gibbs and her peers remain optimistic, however, that the iconic seafarer can be restored.

“What’s encouraging is that despite the peeling paint and the rust that we see as we are walking down the halls of the ship, she is still structurally sound,” Gibbs said.

“The hull of the ship has been inspected over and over and over again at various points, and all the reports come back and it’s in remarkable good shape,” Jones added. “You just feel the solid structure of the ship as you walk these decks.”

Jones also noted the ship’s potential for transformation into a vibrant entertainment and hospitality hub.

However, with eviction looming, the conservancy has issued a plea to President Joe Biden and congressional leaders to push for the preservation of the maritime icon, according to NPR.

Three Southern California homes in upscale Dana Point teeter on the edge of a collapsed bluff in the wake of ongoing rainstorms.

Despite the threat of more storms, local officials say the houses are not in immediate danger, Knewz.com has learned.

They’re not letting the landslide bring them down.

Eighty-two-year-old radiologist Lewis Bruggerman has no intention of leaving his $15.9 million mansion in Orange County, even though it is on the verge of crashing into the Pacific Ocean.

Two other homes, on the cliffside are also potentially at risk of falling after recent torrential rainstorms. The rains were so strong, parts of the cliff the houses stand on broke off and fell to the beach below.

According to the Daily Mail, the second home, worth $12.8 million, is owned by 66-year-old contractor Guy Yocom, and the third is a $13 million structure belonging to 80-year-old producer Marketta Karsikko-Gassel.

Despite the potential threat, Bruggerman told local news station KCAL-TV “The house is fine. It’s not threatened. It will not be red tagged.”

Dana Point City Manager Mike Killebrew confirmed that the homes were not currently in jeopardy and the residents had not been told to evacuate… yet. He said, “The city’s geotechnical engineer and a building sector went out the site to assess the situation, as well as talk with the homeowner who owns the residence and slope where the failure occurred. Currently the city has confirmed that there is no imminent threat.”

And Dana Point Mayor Jamey Frederico also told KCAL,“Engineers who already surveyed the home said there was no damage and there is no imminent threat to the structure, which is really good news. So quite frankly, it looks a lot scarier than it really is.”

However, residents were warned that further storms – including one headed to the area this weekend – could potentially send the homes into the ocean. Kyle Tourjé, executive vice president of Alpha Structural, a Los Angeles engineering firm, told The Washington Post that Bruggerman’s house would require work to ensure it remained stable.

February was one of the region’s wettest months, with flood damage and mudslides throughout Southern California. “We’re seeing more damage,” Tourjé said, “and I think we will continue to see more significant damage. Between back-to-back years of heavy saturation, these houses, these properties … they just can’t take this kind of beating.”

The torrential rains in the area since the beginning of the year have already caused close to $11 billion worth of damage, and nine people have died because of the storms.

And in March last year, some San Clemente residents, also in Orange County, were forced to evacuate when the ground below their coastal homes started to collapse during storms.

Executive Director of the California Coastal Commission Kate Huckelbridge told LAist, “It’s just devastating to see videos like the ones that are coming out of Dana Point and it’s also, unfortunately, becoming much more common with increasing rainfall and sea level rise. The combination of those two phenomena are destabilizing some of our coastal cliffs and I think landslides and on bluffs like these are, unfortunately, likely to become more common.”

A man’s home may be his castle. But a castle on sale in Britain right now may be big enough to hold several homes.

Knewz.com has learned about a giant property sale in northern England. It’s a property with nine centuries of history.

The first part of Appleby Castle was built in the 1100s. Then came several home improvements, such as a round tower and a giant dining hall.

The castle now has 22 bedrooms. They’re shared by the public, as the complex is used as an elegant hotel.

The complex also includes three cottages which were built in the 1600s.

But it originally was the home of the Norman nobleman Ranulf le Meschin, who knew the son of William the Conqueror.

The castle was conquered by Scotland’s King William the Lion, whom Wikipedia shows reigned for nearly 50 years beginning in 1165.

Feuding royal families meant another castle flip a few years later. England’s King Henry II captured it, and it stayed in English hands for about 400 years after that.

In recent times, Appleby Castle has been dominated by divorce wars more than royal rumbles.

According to The Evening Standard, businessman Christopher Nightengale bought the castle in 1998. He wound up with three of them.

But wife Sally Nightengale divorced him in 2009, leading to a British national scandal.The Daily Mail reported Christopher offered her a bit more than $100 for one-fourth of his business holdings, while Sally expected more than one million.

It even gained a name: the “Tipp-Ex Divorce,” for Christopher being accused of adjusting bank statements to cheat his spouse out of a fortune.

Sally received custody of Appleby Castle in the divorce settlement. She says it’s one of the few “Norman keep” castles still standing in the British Isles.

Sally has tried to make the most of the giant mansion in recent years, hosting everything from weddings to outdoor Shakespearean plays.

Now Appleby Castle can be yours, as BBC News reports 25 years of renovation are complete. Sotheby’s International is selling it for about $12 million.

“We’re looking really for the international buyer here,” real estate agent Guy Bradshaw said. “But equally, I think someone could have the opportunity to turn this into a full private residence if they really wanted to.”

Along with the castle and cottages, the complex comes with tennis courts, a gym, a hot tub, a 25-acre park and free privileges to fish on the nearby River Eden.

There’s also a bee house built for the Countess of Pembroke, Lady Jane Clifford, who faced her own lengthy court fight to keep control of the castle in the 1600s.

The castle is “Grade 1 listed,” which means it has protected status for historic or architectural reasons,

But you could borrow from a recent song and give new meaning to “Appleby on a Date Night.”

A 48-year-old man managed to live rent-free at the landmark New Yorker Hotel for years – until he tried to charge another tenant rent.

Mickey Barreto was arrested for fraud and criminal contempt after filing paperwork claiming he owned the building, Knewz.com has learned.

According to Manhattan District Attorney Alvin Bragg, Barreto has been charged with 14 counts of offering a false instrument for filing in the first degree and 10 counts of criminal contempt in the second degree.

The Associated Pressreports Barreto was arrested on February 14. He reportedly told police when they showed up at his boyfriend’s apartment brandishing guns and bulletproof shields: “Oh, I thought you were doing something for Valentine’s Day to spice up the relationship, until I saw the female officers.”

Barreto and his boyfriend rented a room for the night in the iconic Art Deco hotel in Manhattan for $200 five years ago, when Barreto moved from Los Angeles to New York.

The hotel was built in 1930 and has 1,000 rooms. Following their one- night stay, Barreto cited a loophole that stated occupants of single rooms in buildings constructed prior to 1969 can demand a six-month lease. When the hotel denied Barreto’s request and kicked him out, he took his case all the way to the Supreme Court and eventually won.

Barreto admitted that he won by default because the building’s lawyers didn’t show up. Then, because the building’s owners never negotiated a lease with him, Barreto and his boyfriend lived there rent-free.

However, Barreto made the fatal mistake of uploading a fake deed to a city website in 2019 claiming he’d transferred the ownership of the building to himself.

The building was in fact owned by the Holy Spirit Association for the Unification of World Christianity. The church – founded by the late South Korean controversial leader Rev. Sun Myung Moon – bought  the hotel in 1976. The Unification Church sued Barreto in 2019, and that case is ongoing.

Barreto later attempted to charge a tenant rent and registered the hotel under his name with the city’s Department of Environmental Protection for water and sewage payments. However, Barreto claims he never intended to commit fraud and that he did not do so. “I never made a penny out of this,” he said.

However, in his statement, DA Bragg noted, “In April and September 2023, Barreto filed additional false documents in violation of the Court’s order, including another fraudulent deed purporting to transfer ownership of the hotel to himself.”

Bragg went on to say, “As alleged, Mickey Barreto repeatedly and fraudulently claimed ownership of one of the City’s most iconic landmarks, the New Yorker Hotel. We will not tolerate manipulation of our city’s property records by those who seek to scam the system for personal gain.”

A Manhattan judge has ruled that Donald Trump must pay more than $350 million in combined penalties in connection to his civil trial for business fraud.

New York Supreme Court Justice Arthur Engoron also declared the former president prohibited from holding any officer or director positions in corporations or other legal entities within the state for three years, Knewz.com has learned.

In his final ruling handed down on Friday, February 16, Engoron also said Trump was forbidden from seeking loans from financial institutions regulated by the New York financial services department for the same duration.

“New York means business in combating business fraud,” the judge wrote in the decision.

Upon learning of the ruling, Trump’s attorneys told media outlets they would appeal the penalty — a process expected to take several years.

“President Trump intends to appeal and remains optimistic that the Appellate Division will rectify the numerous egregious errors made by a trial court disconnected from the law or reality,” Chris Kise told CNBC.

“This verdict is a manifest injustice — plain and simple,” another Trump attorney, Alina Habba, said in a statement sent to several media outlets, adding that “given the grave stakes, we trust that the Appellate Division will overturn this egregious verdict.”

“Let me make one thing perfectly clear: this is not just about Donald Trump—if this decision stands, it will serve as a signal to every single American that New York is no longer open for business,” Habba added.

The trial stemmed from a lawsuit filed in 2022 by New York Attorney General Letitia James, alleging Trump, his adult sons, his company, and top executives fraudulently inflated the former president’s assets to receive financial benefits and bolster his reported net worth.

James had urged Engoron to permanently bar Trump from New York’s real estate sector and sought $370 million to answer for unlawfully obtained profits.

The judge ultimately imposed a fine on the former president totaling $354,868,768.

“In order to borrow more and at lower rates, defendants submitted blatantly false financial data to the accountants, resulting in
fraudulent financial statements,” the judge wrote in the decision. “When confronted at trial with the statements, defendants’ fact and expert witnesses simply denied reality, and defendants failed to accept responsibility or to impose internal controls to prevent future recurrences.”

Eric Trump and Donald Trump Jr., who assumed leadership roles in the Trump Organization following their father’s presidency in 2017, have each also been fined more than $4 million and banned from holding officer or director positions in New York entities.

Over the course of the 43-day trial, the court heard testimony from 40 witnesses.