Where is Australia’s Crypto King? Rich Lister Goes Underground in His Enigmatic Clifftop Fortress

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As the cryptocurrency world grapples with turbulent times and legal battles, Australia’s renowned “crypto king,” Fred Schebesta, has vanished from the spotlight, taking refuge in his mysterious clifftop castle.

Australia’s cryptocurrency landscape has been buzzing with curiosity as the whereabouts of the country’s renowned “crypto king” and Rich Lister, Fred Schebesta, have become increasingly elusive. 

Reports suggest Schebesta has retreated to his clifftop castle, shrouded in mystery and intrigue. This article delves into the current situation surrounding Schebesta and his enigmatic lifestyle while shedding light on the factors that may have influenced his recent seclusion.

Cryptocurrency Winter and Lawsuit with the Corporate Regulator:

Schebesta’s decision to hibernate in his clifftop fortress is believed to be related to the ongoing challenges posed by the “crypto winter” and a lawsuit with the corporate regulator. 

The decline in cryptocurrency prices, especially Bitcoin, which experienced a significant drop from its peak in November 2021, has impacted the fortunes of many crypto enthusiasts, including Schebesta.

Impact on Finder and Personal Wealth

As the founder of Finder, a prominent financial comparison website, Schebesta’s wealth has experienced fluctuations in recent years. While he debuted on the Financial Review Young Rich List in 2019 with an estimated worth of $193 million, his fortune reached $340 million in the 2021 edition. 

However, Schebesta’s wealth has declined, with the Financial Review Rich List team estimating his current wealth at $210 million. This drop aligns with the challenges faced during the crypto winter and the changing market dynamics.

“It had the potential for tremendous success,” he remarks. “However, the market took a significant turn against us.” 

He discloses that the endeavour was ultimately discarded due to the aftermath of the Australian lawsuit and the notable downfall of FTX, a significant cryptocurrency exchange, in November last year. This turn of events prompted global investors to reevaluate the risks associated with crypto ventures, leading them to exercise caution and withhold their financial commitments.

Crypto Castle and Lifestyle

Schebesta’s clifftop castle, aptly dubbed the “Crypto Castle,” has become a local landmark in South Coogee, Sydney. The architectural masterpiece, designed by Renato D’Ettorre, boasts unique features such as a castellated roof and a turret-like belvedere. 

Schebesta’s castle has recently garnered attention as it is now being rented out for photo shoots and parties, with a listing on Airbnb for up to $27,000 per night. This multifaceted property has allowed Schebesta to diversify his income streams and explore the sharing economy.

“I never anticipated that my clifftop castle would become such a prominent local attraction, earning the nickname ‘Crypto Castle.’ Renato D’Ettorre’s incredible design truly makes it stand out. Renting it out for photo shoots and parties has been a great way to leverage its uniqueness and generate additional income. Embracing the sharing economy through platforms like Airbnb has provided exciting opportunities to explore different avenues. It’s been an incredible and rewarding experience to see the castle become a multifaceted asset in my portfolio,” said the crypto king.

Transition to Domestic Life

Schebesta’s lifestyle has shifted from being a crypto influencer to a more domestic-focused role in recent years. Living with his partner, Brenda, and their two-year-old son, Wolf, in the clifftop fortress, Schebesta has embraced his role as a father and enjoys spending quality time with his children. 

This change in priorities coincided with his decision to step down as the chief executive of Finder, allowing him to dedicate more time to his family and pursue other crypto and non-fungible token projects funded by Schebesta Ventures and Hive Empire Ventures.

Looking Ahead

Schebesta’s retreat from the limelight and his current focus on domestic life reflect the challenges many faces in the volatile cryptocurrency market. While his castle stands as a symbol of his past success and his ongoing ventures, the future remains uncertain. 

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