Sam Bankman-Fried’s parents bought Bahamas vacation home with $121 million in FTX money. Professors of law Joseph Bankman and Barbara Fried from Stanford University were identified as signatories on a property in Old Fort Bay that was allegedly utilized as a vacation home.
It turns out that people other than the “executives” of FTX and Alameda were taking advantage of the amenities of having a mansion in the Bahamas.
According to official property documents cited by Reuters on Tuesday morning, Sam Bankman-parents Fried’s were also a part of a group that “bought at least 19 properties worth nearly $121 million in the Bahamas over the past two years.”
According to the report, the majority of the real estate deals involved “luxury beachfront homes, including seven condominiums in an expensive resort community called Albany, costing almost $72 million.” A division of FTX made the official acquisition of the properties.
According to the deeds of the residences, they will be utilized as “residence for key personnel” of FTX, as per Reuters:
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Professors of law Joseph Bankman and Barbara Fried from Stanford University were identified as signatories on a property in Old Fort Bay that was allegedly utilized as a “vacation home”. A representative for the professors was contacted by Reuters, who was informed that they had “been trying to return the property to FTX”.
Sure, obvious decision now that the corporation has blown apart.
The spokesperson told Reuters: “Since before the bankruptcy proceedings, Mr. Bankman and Ms. Fried have been seeking to return the deed to the company and are awaiting further instructions.”
By checking the Bahamas Registrar General’s Department records “for FTX, Bankman-Fried, his parents and some of the company’s key executives” Reuters discovered the new information.
About 15 properties totaling $100 million were purchased by a division of FTX dubbed “FTX Property Holdings Ltd” between 2021 and 2022.
According to the news, FTX’s headquarters has been closed down. The $4.5 million tract of land is currently vacant.