FTX, Sam Bankman-Fried and his parents bought Bahamas real estate worth $121M: report

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Disgraced ex-FTX CEO Sam Bankman-Fried, his parents and other executives from the bankrupt platform have made a fortune in real estate in the Bahamas over the past two years, according to a report released Tuesday.

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Bankman-Freed and his partners own at least 19 properties in the island chain, with an estimated value of nearly $121 million. Reuters reportedreferring to property documents. The sprawling real estate empire primarily consisted of high-end coastal real estate.

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The lavish purchases belie Bankman-Freed’s image as a sleazy donor in T-shirts and sneakers, a donor of progressive ideas. They also raise additional questions about how FTX handles more than $1 billion in missing customer funds.

Bankman-Fried’s parents, Stanford University law professor Joseph Bankman and Barbara Fried, are reportedly listed as signers at a beach house in the gated complex Old Fort Bay.

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Documents dated June last year indicate that the property was intended for the family as a “holiday home.”

Sam Bankman-Fried’s finances are under scrutiny.
Getty Images for CARE For Specia

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Penthouse in the Bahamas

FTX executives ran the company from a luxury penthouse in the Bahamas.


Penthouse in the Bahamas

FTX executives and relatives allegedly bought nearly $121 million worth of real estate.


Penthouse in the Bahamas.

The penthouse entered the market after the fall of the crypto empire.


A spokesperson for Bankman and Fried said they plan to “reclaim” the property. It is unclear how the house was purchased.

“Since the bankruptcy proceedings began, Mr. Bankman and Ms. Freed have been trying to return the company’s deed and are awaiting further instructions,” a spokesman for Bankman-Freed’s parents told the publication.

Pictured is Barbara Fried.
Bankman-Fried’s mother, Barbara Fried, is reportedly listed as a signer at a beach house in the gated community of Old Fort Bay.
Stanford University

The FTX affiliate bought seven seafront apartments for nearly $72 million in posh Albany—the same resort that housed the “luxury penthouse” from which Bankman-Freed, his former lover Caroline Ellison, and other associates allegedly ran FTX.

Property documents indicated that the property was intended to be used as FTX’s “key personnel residence”, although it is not clear who actually resided in the apartments.

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Albany Bahamas - Community of Luxury Resorts in the Bahamas.

A spokesperson for Bankman and Fried said they plan to “take back” the property.


Albany Bahamas - Community of Luxury Resorts in the Bahamas.

The FTX affiliate purchased seven beachfront apartments for nearly $72 million in the luxury neighborhood of Albany.


Aerial view of the FTX Arena.

Aerial view of the FTX Arena.


The single most expensive property found in the documentation was a $30 million penthouse in the Albany resort. FTX spent $8.55 million on a cluster of homes that formed the company’s local campus, though the report said employees left the area earlier this month as the company collapsed.

Three other condominiums have been acquired in One Cable Beach, another high-end waterfront location, and identified as residences for Bankman-Fried, FTX co-founder Gary Wang, and former FTX chief executive Nishad Singh.

Photograph by Joseph Bankman.
Bankman-Fried’s father, Stanford University law professor Joseph Bankman, is reportedly listed as another signatory to the beach house agreement.
Stanford University

FTX and Bankman-Fried did not respond to a Reuters request for comment on the documents.

Reuters said it was “unable to determine the source of the funds FTX and its executives used to purchase these properties.”

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Albany community

Many properties are located in the gated community of Albany.


One cable beach

FTX officials had three apartments in the One Cable Beach complex.


Old Fort Bay

Sam Bankman-Fried’s parents signed a contract to buy real estate in Old Fort Bay.


FTX and Bankman-Fried’s finances are under scrutiny as the platform navigates complex bankruptcy proceedings. The lawsuit revealed that FTX owed a whopping $3 billion to its top 50 creditors, including $226 million to its biggest creditor.

Bankman-Fried’s net worth has shrunk from about $16 billion to zero in the last days since the FTX crash.

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Albany Bahamas - Community of Luxury Resorts in the Bahamas.

Three more apartments were bought on One Cable Beach.


Albany Bahamas - Community of Luxury Resorts in the Bahamas.

Reuters said it was “unable to determine the source of the funds FTX and its executives used to purchase these properties.”


The Wall Street Journal reported last week that Bankman-Fried cashed out $300 million in 2021 after FTX closed a major fundraising round — a move it reportedly dismissed for investors as a partial refund after it bought back the stake. competitor.

Bankman-Fried expressed further dismay after calling ethics “a stupid game we’ve woken up Westerners to” in an interview last week.

Penthouse
Earlier this month, FTX filed for bankruptcy.
seaside property

FTX’s new CEO, John Ray III, referred to the company’s lavish spending in the same lawsuit, in which he called its corporate governance practices worse than those he experienced while leading the infamous energy company Enron through its bankruptcy.

“In the Bahamas, it is my understanding that FTX Group corporate funds were used to purchase homes and other personal items for employees and consultants,” Roy said in a statement.

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Photo from inside FTX founder Sam Bankman-Freed's penthouse in the Bahamas.

Bankman-Freed is selling his Bahamas penthouse for $40 million.


Photo from inside FTX founder Sam Bankman-Freed's penthouse in the Bahamas.

Luxurious penthouse located in Albany Club.


“I understand that some of these transactions are not documented as loans, and that certain properties were held in the personal names of these employees and consultants in the Bahamas records,” Ray added.

The filing also describes a chaotic system in which FTX executives often used emoji to approve spending requests.

Credit: nypost.com /

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