Following the dramatic collapse of cryptocurrency exchange FTX and its founder, Sam Bankman Fried, the company is poised to liquidate Bankman-Fried’s vast real estate holdings in the Bahamas, valued at a staggering $222 million. The move comes after Bankman-Fried was sentenced to 25 years for his involvement in an $8 billion fraud.
The 38 properties are now ready for sale as FTX seeks to compensate creditors and defrauded customers to the tune of $16 billion.
Among those assets is an infamous waterfront penthouse, once the centerpiece of the Bankman-Fried empire, which will soon come on the market.
According to a New York Post article, the liquidation, approved by a federal bankruptcy court in Delaware, is not only aimed at recovering losses, but also marks the end of Bankman-Fried’s fraudulent scheme.
The properties, ranging from luxury condominiums to beachfront estates, are expected to attract a wave of interest from high-end buyers, despite the shadow cast by the previous owner’s criminal activities.
The sale includes residential and commercial properties, highlighting Bankman-Fried’s extensive investments in the Bahamas.
Read also: Here’s why Michael Saylor says FTX collapse and other crypto scandals will benefit Bitcoin
Penthouse of the Orchid building
The crown jewel of Bankman-Fried’s real estate portfolio is the penthouse of the Orchid building in the luxurious Albany Bahamas. Purchased for $30 million in March 2022, this 12,000-square-foot residence is now on the market as part of the liquidation of the company’s assets.
Albany Resort Community Properties
In addition to the penthouse, FTX is selling 15 other properties within the Albany resort, with a total value of $151 million. These properties range from luxury condos to beachfront estates.
Goldwynn Resort and Residences
Seven condominium units in the Goldwynn Resort & Residences are also for sale, with a combined value of $7 million. Overlooking Goodman’s Bay, these units offer panoramic views and represent another aspect of Bankman-Fried’s real estate investments in the Bahamas.
One Cable Beach Development
Four luxury condos in One Cable Beach, valued at $5 million, are coming to the market. These residences were part of the living quarters of Bankman-Fried’s inner circle.
Commercial properties
FTX’s liquidation includes $25 million worth of commercial properties, with prime office space in prestigious locations such as the Veridian Corporate Center and Pineapple House.
Properties of blue water
“Blue Water,” the controversial 30,000-square-foot home associated with Bankman-Fried’s parents, symbolizes the legal entanglements surrounding FTX’s bankruptcy, according to the New York Post. Purchased for $16.4 million, its fate remains uncertain as legal proceedings unravel the complexities of FTX’s collapse.
Now read: Disgraced FTX co-founder Sam Bankman-Fried makes unusual request before trial
This content was partially produced with the help of artificial intelligence tools and was reviewed and published by Benzinga editors.
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