Retrieved a list of assets SBF has acquired in the Bahamas with client funds.
FTX creditors revealed assets that SBF bought with client funds. However, the creditors submitted the list in a report.
Property Acquired by SBF with Client Funds Reached
According to the second report released by FTX creditors, Sam Bankman-Fried, former CEO of FTX, and other executives have purchased luxury properties in the Bahamas using client funds. According to the report, Bankman-Fried and some employees spent a total of over $243 million on properties in the Albany resort in the Bahamas for their family and friends.
A detailed list of properties in the Bahamas is included in the report. FTX Group reportedly spent more than $18 million on properties called Albany Honeycomb units. One of the units within this complex, the 6C, measures approximately 6,000 square feet and has five bedrooms. Property features include furnished living space, wine cellar, mega marina and a terrace overlooking the turquoise blue waters.
The report also states that more than $16 million was spent on another property called “Old Fort Bay Lot A”. This site was sold to Bankman-Fried on April 7, 2022, but the report does not specify which land it purchased.
Details on these property purchases were released yesterday as part of a 33-page report on FTX’s bankruptcy. It is stated that FTX owes customers approximately $8.7 billion. FTX CEO and head of restructuring, John J. Ray III, said the company had a situation that undermined its credibility by misusing customer deposits.
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