FTX spent $74 million on real estate in the Bahamas this year: Exclusive

2022/11/12 23:40

Now-bankrupt crypto exchange FTX Group went on a real estate splurge this year, according to government documents obtained by The Block and confirmed by two former FTX employees.
In total, the documents find that FTX Property Holdings spent $74,230,193 on property in the Bahamas over 2022. The bulk of that money, $67,440,193.99, went to entities surrounding Albany Bahamas, a luxury condo resort in New Providence.
The document, moreover, notes "one purchase of a condominium at One Cable Beach for 2 million made by Sam Bankman-Fried directly in late 2021." For reference, the Bahamian dollar is pegged to and maintains parity with the U.S. dollar. One Cable Beach is another beachside luxury condominium complex.

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