Bankrupt crypto exchange FTX has asked a US court if it can sell its portfolio of luxury real estate in the Bahamas, including Sam Bankman-Fried’s $40 million penthouse, as the firm seeks to liquidate assets and pay back investors.
Orchid Penthouse housed the former CEO and his inner circle, many of whom went on to testify against Bankman-Fried in court. According to Nishad Singh’s testimony, no expense was spared for the headquarters because “Sam’s a fan of the views.”
During their hayday, FTX and Alameda Research execs would live, work, and date under one roof. The over-12,000 square foot apartment’s marble surfaces were littered with cables, computer rigs, and pharmaceuticals, while its fridges were stocked with microwave meals flown in from the US. Sam Bankman-Fried’s most famous photo was even taken on Orchid Penthouse’s lush grounds.
Read more: Sam Bankman-Fried is guilty — you could hear the collective sigh of relief
FTX intends to sell a total of 35 upscale properties in the Bahamas, bought by senior staff and Bankman-Fried’s parents — partly with customer funds. The $40 million funhouse and the apartment below it are listed in its request to the Delaware bankruptcy court, which was bought to house family and friends after employees complained of the tight-knit atmosphere.
Bankman-Fried also notoriously gifted a $16 million apartment in the Bahamas to his parents as an attempt to appease his father, who was unhappy with a $200,000 salary at FTX. An extra $90,000 was expensed to FTX to furnish and maintain the home.
FTX’s request to put the Bahamas properties on the market has already been approved by debtors. Eleven properties in luxurious resorts on Cable Beach are listed, and one in the Old Fort Bay gated community. Sixteen marina residences are up for grabs, including the apartment FTX bought from Canadian tennis player Milos Raonic.
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Source: https://protos.com/ftx-ready-to-sell-the-bahamas-penthouse-sbf-insisted-on-buying-for-inner-circle/