Business

FTX, Sam Bankman-Fried and his parents bought Bahamas real estate worth $121M: report

Disgraced FTX ex-CEO Sam Bankman-Fried, his parents and different executives on the bankrupt platform have snapped up a fortune in real estate properties throughout the Bahamas within the final two years, in accordance with a report Tuesday.

Bankman-Fried and his associates personal at the least 19 properties within the island chain with an estimated worth of practically $121 million, Reuters reported, citing property information. The sprawling real estate empire was largely comprised of high-end beachfront properties.

The lavish purchases belie Bankman-Fried’s picture as a scruffy, T-shirt-and-sneakers-wearing donor to progressive causes. They additionally elevate additional questions on FTX’s dealing with of greater than $1 billion in lacking consumer funds.

Bankman-Fried’s parents, the Stanford University regulation professors Joseph Bankman and Barbara Fried, are reportedly listed as signatories on a seashore home inside the Old Fort Bay gated neighborhood.

Documents from final June indicated the property was supposed as a “vacation home” for the household.

FTX executives ran the company from a luxurious penthouse within the Bahamas.
Seaside Real Estate

A spokesperson for Bankman and Fried stated they plan to “return” the property. It’s unclear how the house was bought.

“Since before the bankruptcy proceedings, Mr. Bankman and Ms. Fried have been seeking to return the deed to the company and are awaiting further instructions,” a spokesperson for Bankman-Fried’s parents instructed the outlet.

A department of FTX bought seven beachfront condos for practically $72 million within the ritzy Albany neighborhood – the identical resort that housed the “luxury penthouse” from which Bankman-Fried, his ex-lover Caroline Ellison and different associates purportedly ran FTX.

Bahamas penthouse
FTX executives and kin purportedly bought up properties worth practically $121 million.
Seaside Real Estate

Property deeds indicated the properties had been tabbed to be used as “residence for key personnel” at FTX, although it’s unclear who really lived within the condos.

The single costliest property present in documentation was $30 million penthouse within the Albany resort. FTX spent $8.55 million on a bunch of houses that shaped the company’s native campus – although the report staff left that space earlier this month because the company imploded.

Three different condos had been bought within the One Cable Beach, one other prime waterfront venue, and recognized as residences for Bankman-Fried, FTX co-founder Gary Wang and ex-FTX government Nishad Singh.

FTX officers had three condos within the One Cable Beach advanced.
REUTERS

FTX and Bankman-Fried didn’t return Reuters’ request for touch upon the paperwork.

Reuters acknowledged that it “could not determine the source of funds that FTX and its executives used to buy these properties.”

The funds of FTX and Bankman-Fried are beneath immense scrutiny because the platform navigates sophisticated chapter proceedings. A court docket submitting confirmed that FTX owed its high 50 collectors a whopping $3 billion, together with $$226 million to its largest creditor.

Albany community
Many of the properties are situated within the Albany gated neighborhood.
REUTERS

Bankman-Fried’s web worth crumbled from an estimated $16 billion to zero in latest days following FTX’s collapse.

Last week, the Wall Street Journal reported that Bankman-Fried cashed out $300 million in 2021 after FTX closed a large fundraising spherical — a transfer he reportedly dismissed to buyers as partial reimbursement after he bought out a rival’s stake.

Bankman-Fried had raised additional alarm bells after calling ethics a “dumb game we woke Westerners play” in an interview final week.

Penthouse
FTX declared chapter earlier this month.
Seaside Real Estate

New FTX CEO John Ray III touched on lavish spending on the company in the identical court docket submitting by which he slammed its company governance practices as worse than these he encountered whereas main the notorious power agency Enron by way of its chapter.

“In the Bahamas, I understand that corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors,” Roy stated within the submitting.

One Cable Beach
FTX officers had three condos within the One Cable Beach advanced.
REUTERS

“I understand that there does not appear to be documentation for certain of these transactions as loans, and that certain real estate was recorded in the personal name of these employees and advisors on the records of the Bahamas,” Ray added.

The submitting additionally described a chaotic system by which FTX supervisors usually used emojis to approve expense requests.Sam Bankman-Fried’s FTX, parents bought Bahamas property worth $121M

Back to top button