Finder founder Fred Schebesta lists Tamarama penthouse to buy bitcoin

The founder of comparison site Finder and AFR Young Rich-lister said despite his glamorous beachside apartment being a “dream home” the call of crypto was now too strong to ignore.

Colourful tech tycoon Fred Schebesta has decided to cash in his unparalleled penthouse in Tamarama to buy Bitcoin.

The founder of comparison site Finder and AFR Young Rich-lister said despite the glamorous beach side apartment being a “dream home” the call of crypto was now too strong.

“I’m definitely going to buy Bitcoin with the money, for sure,” he said.

In June, Mr Schebesta told News Corp that if the price of Bitcoin fell significantly he would offload his eastern suburbs property to buy “a lot” of the cryptocurrency.

“If Bitcoin was $US12,000 you are going to see a lot of buyers,” Mr Schebesta said at the time.

The Tamarama penthouse with stunning water views.

Although Bitcoin is currently trading at almost double that predicted figure at $US22,581, which is well below its most recent peak of $US67,582 achieved in November 2021, he said the timing still felt right.

“Well, you can’t tell Bitcoin to go to a certain price, so we’ll just have to see what happens. But I’ll still be buying it. It’s no secret I like cryptocurrency – a lot. Everyone has their preference for investing.”

On the market for the first time, Mr Schebesta’s Wonderland Ave penthouse has a price guide of $6.5 million and is set to go under the hammer at the end of August. Records show he spent $3.9 million for it off the plan in 2016.

Crypto king Fred Schebesta co-founder and CEO of the comparison website, Finder. Source: Supplied

“It’s just a magical place. It has a feeling, something that’s just hard to explain. You know when people imagine living in Tama or in Bondi, and you dream of the place you’d want to live in? Well, that’s this place,” he said.

“Selling it is a tragedy, but bitcoin is just calling me too much. It’s too cheap. I wouldn’t sell it if bitcoin wasn’t as cheap,” said the man dubbed “The Crypto King” who’s personal wealth AFR places at about $340 million.

The contemporary three-bedroom, two-bathroom property has uninterrupted views of Tamarama Beach and two balconies including a grand private terrace with pool and gardens.

“I settled on it in 2017 when the building was just a hole in the ground and then it sort of evolved from there. The balcony is my favourite space. I wanted to have that view of the beach and the water at the same time which is really hard to get. It’s a penthouse that feels like a house, but you don’t have to manage all that stuff that goes with having a house,” he said.

Mr Schebesta indicated he would spent funds from the sale on Bitcoin.

“When I bought it I was travelling a lot and I needed somewhere that’d be really easy to maintain. I’d not long come back from New York and I’d really liked that apartment way of life and I wanted that again in Sydney. When I saw that the lift actually came up into the apartment, that’s when I knew I had to buy it,” he added.

Listing agent Conrad Panebianco of Raine & Horne Double Bay/Bondi Beach said the modern beachside residence was peerless.

“A lot of people say they live in a penthouse, but they don’t. This is a true New York style penthouse. You get out of your car, hop into the lift, press the penthouse level and it actually takes you straight into your own living space, which then extends through to that incredible view and the balcony,” Mr Panebianco said.

Mr Schebesta said the property was in a quiet pocket of Tamarama, which was nonetheless only a 300m walk from the action.

“There’s pretty much nothing that’s directly comparable to this property. Plenty of agents talk about penthouses, but you get to the top floor and you’re sharing the level. This actually occupies the whole top floor.”

Mr Panebianco said even Tamarama’s more famous neighbour, Bondi Beach, offered few comparable properties.

“None of those premium buildings in Bondi are true penthouses that have the whole top floor with a pool. This is one of a kind,” he added.

Mr Schebesta agreed that the celebrated sister suburb couldn’t offer the same lifestyle.

“You can walk just 300m and you’re in the action, but you’re also living in a quiet pocket. Tama is peaceful, I looked at Bondi but it was too noisy for me. I wanted a place that mixed that Bondi lifestyle with the quietness of Tama.”

Fred Schebesta at his other pad, the $16m Coogee Castle. Picture: Jane Dempster/The Australian.

While willing to let go of his Tamarama penthouse to dive further into Bitcoin, Mr Schebesta said he’s holding onto his other head-turning property, a grand waterfront “fortress” known as the Coogee Crypto Castle he bought from ad man John Singleton in May 2021 for $16.85 million.

The Renato D’Ettorre designed five-bedroom mansion made from sandstone, steel and glass is now estimated to be worth between $18 million and $20 million.

It appeared on the latest season of Luxe Listings Sydney and has also made a brief cameo on AirBnb.

It also appeared on the hit Foxtel Series Mr Inbetween starring Scott Ryan.

“Coogee is a whole other dimension, there’s only once Crypto Castle. It would be very, very hard to find another place that comes close. And I and that’s what I look for – very unique properties. Because I’m a pretty unique guy.”