Bankrupt crypto exchange FTX has been given the go-ahead to sell its portfolio of pricey Bahamas real estate, including former chief Sam Bankman-Fried’s $40 million penthouse that once housed him and his inner circle.
On Tuesday, a Delaware judge approved the sale of $222 million worth of upscale properties in the Bahamas bought by senior staff during FTX’s heyday — partly with customer funds. Among them is Bankman-Fried’s infamous Orchid Penthouse, which served as FTX and Alameda Research’s headquarters.
Bankman-Fried also notoriously gifted a $16 million apartment in the Bahamas to his parents as an attempt to appease his father, who was unhappy with a $200,000 salary at FTX. That property is now also cleared for sale.
According to court filings, the proposals to sell the real estate are reasonable and properly designed to maximize recovery.
“The Bahamas properties exclusive sales agency agreement is approved and FTX PropCo is authorized, without any further court approval, to satisfy all reasonable and necessary ordinary course obligations under the Bahamas properties exclusive sales agency agreement,” the filing read, “including, without limitation, for reimbursement of expenses advanced by FTX DM relating to the Bahamas properties and any reasonable and necessary commissions, fees and expenses relating to the sale or clearing title to The Bahamas.”
FTX’s request to put the Bahamas properties on the market has already been approved by debtors. Eleven properties in luxurious resorts on Cable Beach are listed, and one in the Old Fort Bay gated community. Sixteen marina residences are up for grabs, including the apartment FTX bought from Canadian tennis player Milos Raonic.