Sam Bankman-Fried's $222M Bahamas real estate holdings to go on the market
FTX will reportedly soon put Bahamas properties tied to Sam Bankman-Fried up for sale.
The bankrupt cryptocurrency exchange could start its effort of offloading the portfolio in the Caribbean nation as soon as April, when certain pieces of real estate are expected to appear on the market, Realtor.com reported Thursday.
The number of properties that FTX is looking to sell totals roughly three dozen, according to the real estate-focused site. They reportedly have a collective value of $222 million.
A source close to FTX told FOX Business the sales "will be primarily handled by the joint official liquidators in the Bahamas."
FTX and its bankruptcy administrators received permission to sell them from the U.S. Bankruptcy Court for the District of Delaware about two months ago.
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The real estate, all located in the Bahamas, includes both residential and commercial assets, according to Realtor.com. In the latter category, the outlet reported that there were several offices that FTX had appraised at $25 million combined.
As part of the effort, FTX is also looking to part ways with numerous condos and other residential real estate, including $151 million worth in the Albany Resort, according to Realtor.com.
That resort, which spans 600 acres, is where Bankman-Fried has his extremely high-end penthouse featuring a pool and bar.
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FTX has been undergoing bankruptcy proceedings to pay back its creditors since the cryptocurrency exchange collapsed back in November 2022.
Bankman-Fried, who co-founded the company, separately received a 25-year prison sentence on Thursday and a mandate to pay $11 billion in forfeitures in connection to FTX’s failure.
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His sentencing came nearly five months after a jury had found him guilty of wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud and one count of conspiracy to commit money laundering.
Authorities said he had used FTX customer funds "for his personal use, to make investments and millions of dollars of political contributions to candidates from both parties, and to repay billions of dollars in loans owed by Alameda Research," according to the DOJ.
Bankman-Fried has said he will challenge both decisions through appeals.
His cryptocurrency exchange had been the third-largest prior to its collapse.
Suzanne O’Halloran contributed to this report.