FTX bought nearly $100 million of property in the Bahamas over the last 2 years, mostly luxury beachfront homes, report says
- FTX spent nearly $100 million on properties in the Bahamas in the past two years, according to Reuters.
- Most of FTX's purchases were luxury beachfront homes, including seven condos costing almost $72 million.
FTX spent nearly $100 million on property in the Bahamas over the past two years, mostly on luxury beachfront homes, according to Reuters.
They included seven condos costing almost $72 million in an expensive resort community called Albany, the report said. The most expensive purchase was a $30 million penthouse at the Albany that hosts an annual Tiger Woods golf tournament.
The unit of FTX that bought the properties, FTX Property Holding, designated their use for "residence for key personnel" and purchased 15 properties in 2021 and 2022.
Including property bought by FTX employees and Sam Bankman-Fried's parents, purchases totaled $121 million, according to Reuters.
One property, a former British colonial fort, listed his parents as signatories. A spokesman for Bankman-Fried's parents, who are both Stanford University law professors, said they have been trying to return the property to FTX.
FTX had earlier disclosed that the company bought property in the Bahamas, but Reuters' review of local records revealed the scale of spending. Sam Bankman-Fried personally lived in one of the properties with nine other FTX colleagues.
FTX filed for bankruptcy earlier this month, and has drawn immense scrutiny, with regulators and the Justice Department investigating possible misuse of client funds.
Reuters said it could not determine the source of the funds that FTX and its executives used to purchase all the real estate in the Bahamas.
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