SBF And Relatives Own Property Worth $121M In The Bahamas

SBF-And-Relatives-Own-Property-Worth-$121M-In-The-Bahamas
  • Sam Bankman-Fried And Relatives Own A Huge Property Worth $121M In The Bahamas
  • The assets include opulent beachfront mansions.
  • FTX has made measures to separate itself from Bankman-Fried

Sam Bankman-Fried’s insolvent business FTX, his parents, and key colleagues purchased at least 19 homes in the Bahamas. This is approximately over the previous two years for close to US$121 million, according to an exclusive REUTERS report

The assets include opulent beachfront mansions, including seven condos in the pricey resort neighborhood of Albany, which cost close to US$72 million.

Previously, Bankman-Fried told Reuters that he shared a residence with nine other coworkers. He said that FTX offered free meals and an “in-house Uber-like” transportation service for its staff members throughout the island.

Reuters looked through the Bahamas Registrar General’s Department’s property records to find information on FTX, Bankman-Fried, his parents, and some of the company’s top executives. 

In 2021 and 2022, FTX Property Holdings Ltd., a division of FTX, acquired 15 properties for around $100 million USD. The $30 million penthouse at the Albany, a resort where Tiger Woods annually organizes a golf event, was the company’s most costly acquisition. 

At the moment, the FTX headquarters are vacant, with furniture shoved up against several windows. Its signs have been taken down. The 4.5 million dollar tract of property is also vacant.

Bankman-Fried, the three recently sacked members of his inner circle, and their families will not get any compensation from the now-bankrupt firm, FTX stated in a court statement over the weekend. 

The way Bankman-Fried put it on November 10, the day before FTX filed for bankruptcy and he resigned as CEO, making users whole comes first. “After that, investors, old and new, and employees who have fought for what’s right in their career, and who weren’t responsible for any of the fuck ups,” he wrote on Twitter

He was still the company’s CEO at the time, and the bankruptcy filing had not yet been made public.

Since then, FTX has made measures to separate itself from Bankman-Fried. Regulators in the Bahamas initially denied, then admitted, that they had instructed staff to move hundreds of millions of dollars in illicit transactions on November 11, the same day the business filed for Chapter 11 protection.

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