Bankrupt FTX seeks to sell luxury Bahamian properties amid bankruptcy proceedings News ▸ US ▸ FTX ▸ Bankruptcy
Bankrupt FTX seeks to sell luxury Bahamian properties amid bankruptcy proceedings
Court filing showed that some of these properties were purchased from international sporting giants.
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Updated: Jan. 10, 2024 at 11:29 pm UTC
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Bankrupt cryptocurrency exchange FTX is seeking court permission to divest several Bahamas luxury real estate properties under the settlement terms with the Bahamian liquidators of FTX Digital Markets, a Jan. 9 court filing suggested.
The properties encompassed luxurious beachfront homes, including Albany’s high-end condominiums within an exclusive resort community. Notably, Sam Bankman-Fried, the convicted FTX founder, resided here before the collapse of his company, along with nine others, including top executives from the defunct firm and sister hedge fund Alameda Research.
Other properties earmarked for sale include the GoldWynn development at Goodman’s Bay in One Cable Beach, the Bayside Executive Park on West Bay Street, Pineapple House, and multiple units at the Veridian Corporate Centre.
All these acquisitions were executed through FTX Property Holdings, a Bahamian entity established in July 2021 to acquire and hold upscale real estate for the distressed crypto company.
FTX aims to secure permission from the Delaware bankruptcy court to sell these luxurious apartments, provided a buyer offers 80% or more of their appraised value by a licensed Bahamian real estate broker. The recommendation for the sale will come from the Bahamian liquidators, but the properties won’t be sold to insiders as defined by the Bankruptcy Code Section 101, the filing stated.
FTX’s bankruptcy case revealed that the failed exchange had expended a significant sum of its users’ funds to acquire choice properties across the Caribbean.
Court filings showed that the exchange bought 36 properties for over $200 million from prominent international sportsmen, including Canadian tennis player Milos Raonic.
Meanwhile, this development follows the exchange’s recent attempt to estimate its customers’ digital asset claims in U.S. dollars—a move vehemently opposed by several creditors of the failed firm.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.