FTX, one of the largest cryptocurrency exchanges now bankrupt, has asked a US court for permission to sell its luxury real estate portfolio in the Bahamas. This set includes the notable $40 million penthouse belonging to Sam Bankman-Fried, the company’s former CEO. This action is part of a broader effort by FTX to liquidate assets and reimburse its investors.
The penthouse known as the Orchid Penthouse, which served as home for Bankman-Fried and his inner circle, was the setting for many stories during FTX’s heyday. According to the testimony of Nishad Singh, a former collaborator, the choice of this sumptuous location was influenced by Bankman-Fried’s taste for spectacular views. After all, the luxury and glamor of the place were evident. With over 12,000 square feet of marble, advanced computer equipment, and an atmosphere that blended personal and professional life under one roof.
Sam Bankman-Fried’s $40M Penthouse Included in Sale
FTX’s intention to sell a total of 35 luxury properties in the Bahamas is a reflection of the company’s critical situation. Thus, these properties were acquired for senior employees and Bankman-Fried’s parents, often with funds from the exchange’s clients. In addition to the $40 million penthouse, the proposed sales listing includes a $16 million apartment, purchased for Bankman-Fried’s parents as appeasement for a $200,000 FTX salary. Interestingly, an additional amount of US$90,000 was used to furnish and maintain this house.
The request for the sale of properties in the Bahamas by FTX has already received approval from the debtors. Among the properties listed are eleven located in luxury resorts on Cable Beach and one in the gated community of Old Fort Bay. Additionally, sixteen marina residences are up for grabs, including an apartment previously owned by Canadian tennis player Milos Raonic.
This attempted sale marks an important chapter in the FTX saga, highlighting the financial and personal extravagances that characterized Bankman-Fried’s tenure. In this way, the history of the company, which was once one of the leaders in the cryptocurrency market, now serves as a cautious reminder to the sector about the importance of responsible management and transparency.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.