The site of the Fyre Festival disaster is being converted into a crypto property development

Risk-averse investors looking for a unique Caribbean real estate purchase may consider AGIA Living.

AGIA Living, located on Great Exuma Island in the Bahamas just north of Emerald Bay, is offering an estate sale through an Ethereum (CRYPTO: ETH) wallet.

The possibility may leave you scratching your head. First, prospective owners must be in love with buying a property that only offers sales via crypto. The second is the location.

If you’re wondering if the property is on Great Exuma Island which is the former site of one of the most infamous event disasters in modern history – the Fyre Festival – you’d be right.

The good news is, unlike the Fyre festival, AGIA Limited International says it offers properties that are more luxurious than the wet Federal Emergency Management Agency (FEMA) tents Fyre concertgoers paid thousands to stay in in 2017. It’s rather 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) coins on the Ethereum blockchain. The development will include 60 homes, from 1,000 to 6,500 square metres. Each will have 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 hectares of secluded, undeveloped land in the cul-de-sac of a beautiful island whose current government has allocated tens of millions to invest in transport, telecommunications and infrastructure across the island.”

But buying 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 create an NFT representing the villa. This investment allows buyers to purchase the property by paying $3.5 million in crypto for another NFT. A third NFT will finally give the investors title and title to the property.

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Just like reaching the final round of an expensive game show, the third NFT could give investors access to a beach and yacht club, 100 rounds of golf and access to a fitness center. And if you are interested in Bahamian citizenship, that process can be expedited as well.

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

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Photo courtesy of AGIA Living

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