Disgraced former FTX CEO Sam Bankman-Fried, his parents, and other executives bankruptcy platform He’s made a ton of money in real estate across the Bahamas in the past two years, according to Tuesday’s report.
Bankman-Fried and his associates own at least 19 properties on the islands with an estimated value of nearly $121 million. Reuters reported, citing property records. The vast real estate empire consisted mostly of high-end seaside properties.
Luxury buyers betray Bankman-Fried’s image of sloppy, progressive cause donors in T-shirts and sneakers. They also raise more questions about his handling of FTX for a shortfall of over $1 billion in client funds.
Bankman-Fried’s parents, Stanford University law professors Joseph Bankman and Barbara Fried, are reportedly listed as signatories to a beach house within the Old Fort Bay gated community.
According to documents from last June, the property was intended as a “vacation home” for the family.
Spokespeople for Bankman and Freed said they plan to “return” the property. It is unknown how the house was purchased.
“Even before the bankruptcy proceedings, Mr. Bankman and Mr. Freed have sought to return the deeds to the company and are awaiting further instructions,” a spokesperson for Bankman-Freed’s parents told the outlet.
A chapter of FTX purchased seven beachfront condominiums in the wealthy Albany community for about $72 million. The resort has Bankman Freed, ex-boyfriend Caroline Ellison and other associates were allegedly running FTX.
The deed shows it was tabbed for use as a “key person residence” for FTX, but it’s unclear who actually lived in the condo.
The single most expensive property found in the documents was a $30 million penthouse at Albany Resort. FTX spent his $8.55 million on the housing complex that forms the company’s local campus, but employees reportedly left the area after the company imploded earlier this month.
Three other condominiums have been purchased at another major waterfront venue, One Cable Beach, and have been identified as the residences of Bankman Freed, FTX co-founder Gary Wang, and former FTX executive Nishad Singh. rice field.
FTX and Bankman-Fried did not respond to Reuters requests for comment on the document.
Reuters said it was “unable to identify the source of funds used by FTX and its executives to purchase these properties.”
FTX and Bankman-Fried’s financials are under intense scrutiny as the platform goes through a complex bankruptcy process. According to court filings, FTX owed a whopping $3 billion to its top 50 creditors, including her $226 million to its largest creditor.
Bankman-Fried’s net worth plummeted from an estimated $16 billion to zero in recent days after the FTX collapse.
The Wall Street Journal reported last week: Bankman-Fried cashes $300 million In 2021, after FTX closed a major funding round, he reportedly dismissed it as a partial refund to investors after buying a stake in a rival.
Bankman-Fried sounds more alarm bells after calling ethics a ‘stupid game played by Westerners’ in an interview last week.
In the same court filing, FTX’s new CEO, John Ray III, cited the company’s extravagant spending, calling it worse than the one he faced when he brought the infamous energy company Enron into bankruptcy. condemned governance practices.
“In the Bahamas, we understand that FTX Group corporate funds were used to purchase homes and other personal items for employees and advisors,” Roy said in the filing.
“The identification of these transactions does not appear to be recorded as loans, and we understand that certain properties are recorded in Bahamian records under the personal names of these employees and advisors,” Ray said. Added.
The filing also describes the chaotic system of FTX supervisors using emojis to approve expense requests. Sam Bankman-Fried’s FTX, Parents Buy His $121 Million Bahamas Real Estate