FTX founder Sam Bankman-Fried puts up Bahamas penthouse for sale at $40M

11/17/2022 / By Kevin Hughes

Sam Bankman-Fried, the founder of beleaguered cryptocurrency exchange company FTX, has put up his penthouse in the Bahamas for sale with a $40 million price tag.

According to a report by Semafor, the 12,000 square-foot residence located in the Albany luxury resort community was recently listed for sale. While the realtor in charge refused to name Bankman-Fried, insider sources verified that it was indeed the residence of the disgraced crypto bigwig.

The property designed by Morris Ajmi Architects is priced at $39,950,000 with an extra $21,000 in maintenance fees. The new buyer is set to enjoy its five bedrooms and master suite with walk-in closets. The residence also comes adorned with Venetian plaster walls with corresponding Italian marble accents.

Amenities that await the new buyer also include an LED lighting system, a private garage, a private balcony with a lounge and spa area, grand living room with an open dining area and outdoor pool and a family entertainment room. The new owner is also set to enjoy its kitchen with a distinct bar and an outdoor BBQ nook with seating.

FTX insiders disclosed to the New York Post that all of the crypto firm’s executives own houses in the resort. These houses are all located in the Albany Club, the most private resort community in the Bahamas that includes Justin Timberlake and Tiger Woods as members. It remains unclear, however, if the other FTX executives will divest ownership of these properties in the coming days.

Moreover, Bankman-Fried lived with eight housemates – most of them former classmates and former colleagues – at the $40 million penthouse. These housemates included his former girlfriend Caroline Ellison, and most probably FTX co-founder Gary Want and Nishad Singh, FTX’s director of engineering.

Following FTX’s bankruptcy filing on Nov. 11, Bankman-Fried had been considering the liquidation of his other assets in the past days. The 30-year-old former FTX CEO stated he was at the Bahamas over the weekend, though he did not clarify if the trip was connected to the property’s eventual sale.

Penthouse sale follows FTX liquidity turmoil

FTX filed for bankruptcy amid traders hurriedly withdrawing $6 billion worth of crypto tokens from the platform in a span of three days, triggering a liquidity problem. Subsequent reports revealed that FTX’s issues with liquidity had been fueled by its unauthorized reallocation of customer assets to prop up Alameda Research, which was headed by Ellison. The trading company headed by Bankman-Fried’s former partner had incurred huge losses in mid-2022. (Related: CRYPTO CARNAGE: Bankman-Fried ‘lent’ billions in customer funds to his trading firm, setting the stage for implosion.)

Customer assets sent by FTX to Alameda Research allegedly vanished, but it was able to conceal this loss as the assets it collected never affected its own balance sheet. One source put the missing money at about $1.7 billion. Another source seconded this estimate, putting the value between $1 billion and $2 billion.

Damien Michelmore, Albany Club general manager, informed residents of FTX’s bankruptcy filing through an email. He also instructed residents not to speak to the media.

“Out of respect we offer to all homeowners and members, we have instructed our employees to not speak to the press, and we respectfully ask fellow members and homeowners to also not provide any comments at this time,” Michelmore said.

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