FTX, a bankrupt cryptocurrency exchange, is seeking court approval to sell several luxury properties in the Bahamas as part of its bankruptcy proceedings. The properties were purchased using a significant amount of the exchange’s users’ funds, with the total cost of the 36 properties exceeding $200 million.
The exchange is hoping to secure permission from the Delaware bankruptcy court to sell these properties, provided a buyer offers 80% or more of their appraised value, as determined by a licensed Bahamian real estate broker. The Bahamian liquidators will recommend the sale, but the properties will not be sold to insiders as defined by the Bankruptcy Code Section 101.
The properties include luxurious beachfront homes and high-end condominiums within an exclusive resort community. Notably, Sam Bankman-Fried, the convicted founder of FTX, resided in one of these properties before the collapse of his company. Other properties set for sale include the GoldWynn development at Goodman’s Bay in One Cable Beach, the Bayside Executive Park on West Bay Street, Pineapple House, and multiple units at the Veridian Corporate Centre.
All these properties were acquired through FTX Property Holdings, a Bahamian entity established in July 2021 to acquire and hold upscale real estate for the distressed crypto company. The company acquired these properties from prominent international sportsmen, including Canadian tennis player Milos Raonic.
This move comes after the exchange’s recent attempt to estimate its customers’ digital asset claims in U.S. dollars, a move that was strongly opposed by several creditors of the failed firm.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇧🇸 🇨🇦 |
| Sentiment | very negative |
| Relevance Score | 1 |
| People | Sam Bankman-Fried, Milos Raonic |
| Companies | FTX Property Holdings, Alameda Research, FTX, FTX Digital Markets |
| Currencies | None |
| Securities | None |
