Sam Bankman-Fried Spent $243 Million on Bahamian Villas

The former CEO bankrupt exchange FTX Sam Bankman-Fried spent more than $243 million on real estate in the Bahamas for employees, friends and their families. According to a report from the company.

\n\n\n\n

According to the document, FTX Group spent more than $18 million on a penthouse in the Albany Honeycomb complex. According to Christie’s, a similar apartment spans nearly 560 square meters and has five bedrooms.

\n\n\n\n

\n

\n\n\n\n

\n\n\n\n

\n\n\n\n

\n

\n\n\n\n

More than $16 million was spent on a mansion in the Old Fort Bay complex. It is not clear which exact house Bankman-Fried bought, but the more affordable neighboring options already include a pool with a dock and several bedrooms.

\n\n\n\n

The report includes a detailed list of other real estate assets purchased by executives with client funds. All purchases were made from 2021 to 2022.

\n\n\n\n

\n\n\n\n

Among them is also a six-bedroom penthouse spanning 1,000 square metres in a resort Bahamian village where the founder of FTX, former head of Alameda Research Caroline Ellison and chief technology officer Nishad Singh lived.

\n\n\n\n

In addition to luxury mansions, the company bought apartments and commercial properties.

\n\n\n\n

The current leadership of FTX said in the same report that it has made \”substantial progress\” in safeguarding client funds and has so far returned liquid assets totaling about $7 billion.

\n\n\n\n

FTX CEO John Ray outlined details of corporate wrongdoing, including bank fraud and the creation of shell companies.

\n\n\n\n

In February 2023, the company sent out private letters to politicians demanding the return of donations previously received from former CEO Sam Bankman-Fried.

\n\n\n\n

FTX also filed suit against the former CEO’s partners and related firms seeking to recover $700 million in investments.