The parents of Sam Bankman-Fried (SBF), along with senior executives of the now-bankrupt FTX, bought at least 19 properties worth nearly US$121 million in the Bahamas over the past two years, according to a Reuters report.
See related article: FTX collapse ‘sad’ for crypto industry, but underlying technology still sound
Fast facts
- Most of the properties were luxury beachfront homes, including seven condos in a high-end resort called Albany that cost nearly US$72 million, according to the property records seen by Reuters.
- The properties were used as “residences for key personnel,” but there was no information about who lived in the apartments.
- Documents reveal another beachfront property in the gated community of Old Fort Bay, with SBF’s parents – Stanford University law professors Joseph Bankman and Barbara Fried – as signatories. The documents, signed on June 15, revealed that it was intended for use as a “vacation home.”
- When asked by Reuters whether the vacation home was bought in cash or via FTX, a spokesman for SBF’s parents said they have been trying to return the property to the exchange. “Since before the bankruptcy proceedings, Mr. Bankman and Ms. Fried have been seeking to return the deed to the company and are awaiting further instructions,” the spokesman said.
- FTX’s real estate acquisitions were already known, but the documents provide the first glimpse into the scale of properties bought by the exchange.
- Earlier this month in a U.S. court filing, newly appointed FTX CEO John J. Ray III said that corporate funds of FTX Group were used to “purchase homes and other personal items for employees and advisors.”
- See related article: Who is exposed to FTX? A running compilation on a rapidly moving target