OREANDA-NEWS. March 20, 2014. One of the largest ever Bitcoin transactions took place in Estonia recently, when Finnish businessman Risto Pietila bought the Malla manor in Laane-Viru County. He said he plans to turn the complex into a hotel and center for enthusiasts of the virtual currency.

The complex is run-down, having only seen minor conservation work in the past century, and Pietila told Eesti Paevaleht that he will only renovate one part of the main building, with complete renovations to be launched after Bitcoin's value increases.

The manor was previously owned by a Finnish couple, who bought it for a million kroons (64,000 euros) at the end of the 1990s.

Pietila said he paid close to the asking price of 960,000 euros, and not strictly in Bitcoins, having converted the virtual currency to euros shortly before the transaction.