A Quick View
- According to the second report released by FTX debtors on Monday, over $243 million was spent on real estate in the Bahamas.
- According to the investigation, former FTX CEO Sam Bankman-Fried spent millions over the course of two years on properties for employees, as well as their friends and relatives.
According to the most recent investigative report made public by debtors on Monday, former FTX CEO Sam Bankman-Fried spent millions of commingled client money on several million-dollar luxurious properties in the Bahamas for employees and their friends and families.
The FTX founder and his lieutenants Caroline Ellison, Nishad Singh, and Gary Wang, among others, all resided in the now-famous six-bedroom, 11,500-square-foot penthouse at the Albany resort complex in Nassau, which cost over $243 million.
A full list of further properties that executives are alleged to have purchased with money from accounts that combined consumer and business assets were included in the report.
Albany’s Honeycomb Units
According to the study, The FTX Group spent over $18 million in Bahamas properties known as “Albany Honeycomb” units.
According to a listing from Christie’s International Real Estate, a similar unit in the complex, known as 6C, offers about 6,000 square feet and five bedrooms.
“The tastefully furnished living area benefits from a full wet bar with a wine cellar and floor-to-ceiling windows that open to the breathtaking terrace overlooking the state-of-the-art mega yacht marina and turquoise blue waters,” according to that listing. “The terrace is an entertainer’s dream, with a full kitchen, plunge pool, and large family table,”
According to the listing, Albany is a “600-acre exclusive luxury community” featuring a golf course, equestrian activities, and a full-service spa among other facilities.
Old Fort Bay Lot A
According to the study, “Old Fort Bay Lot A” cost about $16 million. Although it’s unclear which lot Bankman-Fried purchased, other properties nearby feature houses with sizable outdoor pools close to the water’s edge, according to Sotheby’s International Reality.
According to the report, Bankman-Fried purchased the property on April 7, 2022.
The listings were included in a 33-page study that was made public on Monday and explained how client deposits at the now-bankrupt exchange were mixed up and used improperly. Customers owe $8.7 billion in total.
According to FTX CEO and Chief Restructuring Officer John J. Ray ll, “The image that the FTX Group sought to portray as the customer-focused leader of the digital age was a mirage.” The FTX Group mixed client deposits and corporate funds from the beginning of the FTX.com exchange and misused them blindly at the direction and advice of former senior executives.