Ultimo CEO Michelle Mone plans to sell luxury apartments using bitcoins

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Andrew Feinberg

White House Correspondent

Entrepreneur Michelle Mone is planning to sell luxury fats using bitcoins with her billionaire boyfriend Douglas Barrowman.

As part of a £250 million property venture, the founder of lingerie brand Ultimo is developing two apartment blocks and a shopping centre in Dubai, with plans to sell 150 of the homes using the cryptocurrency.

The average price of a one bedroom flat is approximately $239,000 (£183,000) or around 58 bitcoins.

Baroness Mone said she believes most of the properties will be bought by expats.

"This is the first major development selling to the bitcoin community,” she said.

"There has been one apartment here and there, one house here and there, but never a development.

"I think it is exciting for that world that two well-known successful business people are backing it in a major development."

The Aston Plaza and Residences will stretch across 2.4 million square feet and offer 1,133 studio, one bedroom and two-bedroom apartments inside two 40-storey towers.

Communal areas will be designed by her company Michelle Mone Interiors, while the shopping mall will feature boutique stores, cafes and restaurants.

Bitcoin is the world's leading cryptocurrency and uses a decentralised technology for secure payments.

Mr Barrowman, chairman of finance and property management giant Knox Group, said the currently represented “an opportunity".

"We are the early adopters of the cryptocurrency to date and serious business people and the institutions are now looking at it.

"The next five to 20 per cent movement and adoption will take it mainstream, and then it becomes part of everyday life."