FTX is listing $222 million of Bahamas properties as it looks to settle up in bankruptcy court.
The cryptocurrency exchange at the center of a fraud case that shook the industry is listing 38 luxury properties spread across Nassau, according to Realtor.com. The portfolio, which formerly housed FTX headquarters and included a crown jewel in a $30 million waterfront penthouse, was recovered by the company in bankruptcy court.
Among the properties are beachfront condominiums, single-family lots and commercial real estate around New Providence island, the Bahamas’ most populous.
Some of the properties should hit the market in early April, Bond Bahamas’ Matthew Marco told Realtor.com, weeks after FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison over the collapse of his company. He was convicted last year of charges including fraud and conspiracy.
At the center of the charges is $10 billion prosecutors say he obtained through fraud, conning the exchange’s customers, investors and lenders.
The company’s fantastic run made Bankman-Fried a one-time billionaire, and resulted in an impressive luxury property footprint. After the company filed for bankruptcy in Nov. 2022, Morris Adjmi Architects-designed penthouse hit the market for nearly $40 million with a listing that was yanked shortly after ahead of court-approved liquidation.
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Bankman-Fried’s recent trial centered on $7.7 billion spent by FTX executives. The Wall Street Journal reported around $243 million of that unaccounted for money was spent on Bahamian real estate.
Including the penthouse purchased as a residence for “key personnel,” FTX Holdings paid almost $72 million for a total of seven units in the Albany, a luxury resort community.
Signatures from former executives and Bankman-Fried’s fellow defendants, Nishad Singh and Gary Wang, were used to acquire a trio of units that ran between $950,000 to $2 million at luxury condominium complex One Cable Beach.
— Ellen Cranley