Bankman-Fried’s Penthouse and Bahamas Properties
Following the collapse of FTX, the company’s lavish real estate holdings are being sold off. The centerpiece is the $30 million Orchid building penthouse in the Bahamas, where Sam Bankman-Fried and his team lived and worked.
Overpaid Properties?
Experts believe FTX may have overpaid for these properties, making it difficult to break even. Real estate brokers note that FTX’s purchases contributed to an inflated market.
Albany’s Allure
FTX executives were drawn to Albany, an exclusive gated community in the Bahamas. However, concerns arise about whether they overpaid for these properties.
Profitability Challenges
While FTX recovered some lost funds, the real estate holdings present a challenge. Liquidators will soon begin selling the properties, but brokers doubt they will fetch the desired prices.
Bahamas’ Focus
The sales process is expected to start soon. Bahamians hope that selling the properties will allow the country to move on from the Bankman-Fried saga.
Bankman-Fried’s Appeal
Meanwhile, Bankman-Fried has been sentenced to 25 years in prison and is appealing the conviction. FTX’s native token, FTT, has been trading sideways at $1.60.
