Unique: Bankman-Fried’s FTX, dad and mom purchased property within the Bahamas price $ 121 million

  • FTX unit buys 7 condos in high-end resort for “key personnel”
  • Bankman-Fried’s dad and mom are named homeowners of a $16.4 million trip dwelling
  • Bankman and Goreng informed Reuters: Seeking to return the deed to FTX

NEW PROVIDENCE, Bahamas, Nov 22 (Reuters) – Sam Bankman-Fried’s FTX, his dad and mom and senior executives from the cryptocurrency change failed to purchase no less than 19 properties price almost $121 million within the Bahamas over the previous two years, official property data present.

Most of FTX’s purchases have been luxurious beachfront properties, together with seven condominiums in an costly resort group known as Albany, costing almost $72 million. The deeds point out these properties, purchased by the FTX unit, are for use as “residences for key personnel” of the corporate. Reuters couldn’t decide who lives within the condominium.

Paperwork for an additional dwelling with seaside entry in Previous Fort Bay — a gated group that was as soon as dwelling to a British colonial fort constructed within the 1700s to guard towards pirates — present Bankman-Fried’s dad and mom, Stanford College regulation professor Joseph Bankman and Barbara. Fried, as a signature. The property, one of many paperwork dated June 15 stated, is for use as a “trip dwelling.”

When requested by Reuters why the couple determined to purchase a trip dwelling within the Bahamas and the way they might pay for it — whether or not in money, with a mortgage or by a 3rd social gathering like FTX — the professor’s spokesman stated Bankman. and Goreng has tried to return the property to FTX.

“Since previous to the chapter proceedings, Mr. Bankman and Ms. Fried have sought to return the deeds to the corporate and await additional directions,” the spokesman stated, declining to elaborate.

Though it’s recognized that FTX and its staff purchased actual property within the Bahamas, the place it established its headquarters in September final yr, property data seen by Reuters present for the primary time the dimensions of the acquisition spree and the supposed use of a few of the actual property.

FTX, which filed for chapter earlier this month after a rush of buyer withdrawals, didn’t reply to a request for remark. Bankman-Fried didn’t reply to requests for remark.

Bankman-Fried has informed Reuters that she lives in the home with 9 co-workers. For its staff, he stated FTX supplies free meals and companies “like Uber at dwelling” everywhere in the island.

The collapse of FTX, one of many world’s largest cryptocurrency exchanges, has triggered roughly 1 million collectors to face losses amounting to billions of {dollars}. Reuters reported Bankman-Fried secretly used $10 billion in buyer funds to advertise its buying and selling enterprise, and no less than $1 billion of these deposits went lacking.

In a submitting with the US court docket and the Delaware District chapter court docket earlier this month, John Ray, FTX’s new chief govt, stated it was understood that company funds from the FTX Group have been used to “purchase homes and different private gadgets for workers and advisors”.

Reuters couldn’t decide the supply of funds that FTX and executives used to purchase this property.

Purchase Property

Reuters searched property data on the Bahamas Registrar Normal’s Division for FTX, Bankman-Fried, his dad and mom and a number of other key executives of the corporate.

FTX Property Holdings Ltd, a unit of FTX, is shopping for 15 properties price almost $100 million in 2021 and 2022.

His costliest buy was a $30 million penthouse in Albany, a resort the place Tiger Woods holds a golf match yearly. The property itemizing for the penthouse, dated March 17, was signed by Ryan Salame, president of FTX Property, and indicated that it was supposed as “residence for key personnel.”

Salame didn’t reply to a request for remark.

Different luxurious actual property purchases embrace three condominiums at One Cable Seashore, a beachfront residence in New Windfall. Data present the condominium is priced between $950,000 and $2 million and was bought by Nishad Singh, former head of engineering at FTX, Gary Wang, founding father of FTX, and Bankman-Fried for residential use.

Singh and Wang didn’t reply to requests for remark.

Two of FTX Property’s actual estates are earmarked for business use – a cluster of $8.55 million homes that function FTX headquarters, and a 4.95-acre piece of land on the coast overlooking cyan waters that can be supposed to be developed into workplace area for a crypto change.

The FTX headquarters is at present unoccupied, and furnishings is shoved into a few of the home windows. The signage has been eliminated. A plot of land, valued at $4.5 million, can be vacant.

The safety guard stated the worker didn’t return to headquarters after leaving earlier this month.

Reporting by Koh Gui Qing; edited by Paritosh Bansal and Claudia Parsons

Our Requirements: The Thomson Reuters Belief Rules.

About the author


Leave a Comment