Luxury Bahamas Penthouse Of FTX Founder Set For Sale At $30M

Key Points:

• FTX’s liquidation includes Sam Bankman-Fried’s $30M penthouse.
• FTX’s $255M Bahamas portfolio is likely overvalued.
• PwC plans to sell 34 FTX properties this summer.

Bahamas penthouse of FTX founder, valued at $30M, is up for sale as part of FTX’s asset liquidation. Local luxury real estate has increased by 15%, but recovery of the original price is doubtful.

According to Bloomberg, the $30 million penthouse of crypto magnate Sam Bankman-Fried, who orchestrated the rise and fall of the $32 billion exchange FTX, will soon hit the market.

This is the penthouse where Bankman-Fried lived atop the Orchid building on New Providence Island in the Bahamas as FTX rattled.

Bahamas Penthouse of FTX founder Is Up For Sale

FTX’s liquidators are preparing to sell the remnants of the exchange’s extravagant Bahamas real estate portfolio bought in the run-up to the downfall of FTX.

The $255 million portfolio comprises 52 luxury properties. However, these investments are not likely to break even because these properties were overvalued, according to local real estate brokers and developers.

Bankman-Fried’s penthouse was purchased for $30 million and is one of the jewels at Albany, an elite, gated community for the super-rich in Nassau.

Readmore: Powerful Bipartisan Support For Crypto In Congress, Says Senator Lummis

Liquidation of FTX Assets in The Bahamas

Other properties bought by the executives at FTX were all over New Providence Island, concentrated around elite developments such as Albany.

As much as the value of luxury real estate in the Bahamas increased by 15% last year, the penthouse may struggle to fetch its original price, with similar properties listed for less. About 20% would be lost to taxes and fees should it be sold at $30 million.

The Bahamas liquidation of FTX assets continues with PwC having asked for proposals from real estate brokers to sell 34 properties formerly bought by FTX’s team. The selling is expected to happen later this summer.