- FTX, the bankrupt crypto exchange founded by Sam Bankman-Fried, is seeking court approval to sell luxury Bahamian properties it purchased before its collapse.
- The properties include beachfront homes, Albany condos, units at GoldWynn and Veridian developments, and the Bayside Executive Park, with FTX spending over $200 million total.
- The proposed sales need bankruptcy court approval and buyers must offer at least 80% of appraised value, with proceeds aimed at reimbursing FTX customers amid bankruptcy proceedings.
FTX, the bankrupt cryptocurrency exchange founded by Sam Bankman-Fried, is seeking court permission to sell off several luxury Bahamian properties purchased before its collapse. This move comes as FTX aims to pay back customers and creditors after its dramatic downfall.
FTX’s Real Estate Holdings
The properties FTX wants to sell include luxury beachfront homes, high-end Albany condominiums, units at the GoldWynn and Veridian developments, and the Bayside Executive Park. FTX purchased these through its Bahamian entity FTX Property Holdings, spending over $200 million in total. Some were bought from prominent figures like tennis player Milos Raonic.
Proposed Sale Details
The proposed sales need approval from the Delaware bankruptcy court. Bahamian liquidators will recommend buyers who offer at least 80% of appraised value. The properties cannot be sold to FTX insiders. This sale aims to raise funds amid FTX’s bankruptcy proceedings as it works to reimburse customers.
Conclusion
FTX’s attempt to sell off its real estate highlights the exchange’s rapid downfall. Just months ago, FTX was acquiring luxury Bahamian properties. Now, it is liquidating assets in bankruptcy. The sale of these high-end homes marks another chapter in the unraveling FTX saga.
