A tycoon who invested in a giant block of solid gold has gone bankrupt, and bettors now have the chance to own a slice of the $23 million cube.
The Castello Cube, a work of modern art made entirely of 24-karat gold, is up for grabs after real estate magnate Klemens Hallmann went bankrupt.
The Austrian businessman, 49, owns a 32 percent stake in this amazing plaza.
Authorities have now confiscated it as part of efforts to pay off their debt.
Since gold is priced at $4,000 per ounce at the time of writing, it means that the total value of the entire hollow box is around $23 million.
Designed by German artist Niclas Castello, the golden cube is a piece of conceptual art that made headlines in 2022 after being spotted in New York.
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It was mysteriously placed in Central Park causing great confusion on the part of astonished passersby.
The 186kg Castello Cube was also launched in Venice and Zurich.
The visionary performed his artistic stunt as part of a campaign promoting an accompanying cryptocurrency called Castello Coin, as well as a related NFT platform.
The proposed sale of parts of Hallmann’s stake in the square comes after earlier claims that the artwork “could never be sold or owned”.
Hallmann made his fortune in property while building an £8.8bn property empire, including the EU Experience Europe in Austria.
The businessman also invested in movie and documentary production.
He financed a variety of films, including the 2013 biopic of Formula 1 drivers James Hunt and Niki Lauda, Rush.
The businessman also married German model Barbara Meier in 2019, and the couple had fun at a lavish wedding ceremony attended by Arnold Schwarzenegger.
Hallmann’s net worth was estimated to be nearly $1.5 billion in 2023, making him one of the AustriaThe richest people.
But his property development company Suba went into administration this year.
It then filed for bankruptcy in August, citing a slump in the housing market.
Astonished passers-by told local media three years ago what they thought of the striking gold cube.
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A witness told The New York Times in 2022: “Reflections are incredible… and putting them there in the snow He seems really inspired.”
Another said: “Never before in human history has such an enormous amount of gold been melted down into a single pure object… [but] “It’s pretty simple.”
What is the Castello Cube?
THE Castello Cube is a work of art by German contemporary artist Niclas Castello.
It is a hollow cube made of 24-karat gold that weighs 186 kg.
The artwork has been displayed in major public venues, including Central Park in New York City and Venice.
The piece plays with contrasts, using the most basic geometric shape to house the most precious material, pure gold.
It was displayed in public as part of a campaign promoting a cryptocurrency called Castello Coin, as well as a related NFT platform.
