A unit of FTX purchased 7 condominiums in a posh resort for FTX’s “key personnel.” SBF’s parents own a $16.4 million vacation home. SBF’s parents are willing to return the property deed to FTX, per reports.
Sam Bankman-Fried’s (SBF) parents, FTX exchange, and its senior executives have invested $121 million in over 19 Bahamas properties, per reports. As per the official property records, in the last two years, the said realty transactions were initiated by the above-mentioned parties.
FTX invested in various luxury beachfront homes, including condominiums worth over $72 million in Albany (a posh resort community in the Bahamas). As per the deeds, the posh properties in question are to be utilized as a “residence for key personnel” of FTX.
Details on a beachside home in Old Fort Bay’s gated community is also unearthed via the documents. The property, which once hosted a British colonial fort (in the 1700s), has SBF’s parents as signatories. It is said to be a “vacation home,” per a June 15 document.
Per reports, Stanford University law professors, Joseph Bankman and Barbara Fried, are in the process of handing over the property deed to FTX.
Notably, it’s the Bahamas where SBF had set-up FTX headquarters in September 2021. But at the time, the magnitude of their property buying streak and the exact utility was unknown.
SBF is reported to have said that FTX used to offer free food to its employees, along with an island taxi service. The FTX fiasco is estimated to have dented the finances of over 1 million creditors.
Reports indicate SBF has used customer funds totaling over $10 billion in oozing the trading business. A minimum of $1 billion of these deposited funds are now lost.
A District of Delaware bankruptcy court filing in the U.S. exhibits the new FTX CEO, John Ray’s comment on the situation.
Mr. Ray states that it’s now clear that FTX Group’s corporate funds were used to
Purchase homes and other personal items for employees and advisors.
An FTX unit, FTX Property Holdings Ltd., is reported to have purchased 15 properties valued close to $100 million in 2021 and 2022.
The costliest property among all, bought by FTX, et al., is the $30 million Albany penthouse—home to Tiger Woods’ annual golf tournament.
