FTX sells SBF’s $30 million mansion to pay back the money! 34 Bahamas properties to be sold this summer

This site (120bTC.coM): The bankrupt cryptocurrency exchange FTX released its latest repayment plan earlier this month, saying that the estimated amount owed was approximately US$11.2 billion. , but after the assets are sold, there will be approximately US$14.5 billion to US$16.3 billion in cash available for compensation. Therefore, not only can a full refund be achieved, but the vast majority of users (those holding funds below US$50,000) will Able to obtain approximately 118% cash compensation.

However, it is important to clarify that the loss compensation is calculated based on the platform funds on the day FTX exercises Chapter 11 of the Bankruptcy Law. Therefore, unless the assets placed by users on FTX are stable coins, it is actually still a large amount of money. Loss (BTC was only $17,000 per coin at the time)…

Plans to auction FTX’s 34 luxury properties in the Bahamas

Now, according to Bloomberg, FTX Bahamas liquidator is planning to auction FTX’s Bahamas liquidators in the next few months Selling its 34 luxury properties in the Bahamas, including the Orchid penthouse that SBF bought for $30 million.

SBF spends $30 million to buy Orchid penthouse

Liquidation documents show that on the eve of FTX’s collapse, former FTX CEO Ryan Salame and other senior executives went to New Providence Island (Nassau, the capital of the Bahamas) Island) spent $255 million to acquire 52 apartments, offices and land, mostly in luxury developments such as Albany, a 600-acre luxury castle scheme on the island's western end.

The empire FTX built in the Bahamas was equipped with private swimming pools, courts and restaurants, and they were greeted by a rare 3.5-ton Charging Bull (Charging Bull) bronze statue, which has been around since the 1980s. The end is a symbol of New York's financial district, located at the entrance to the pier.

Over the course of nearly a year, SBF's team spent $140 million on 15 apartments and a villa in Albany, in buildings named Cube, Gemini, Tetris, and Orchid, This is the penthouse purchased by SBF personally in the iconic Albany mansion for $30 million, according to purchase records filed in court.

Property Value Concerns

However, doubts have been raised about whether these properties can break even. While the luxury market in the Bahamas grew by 15% last year, with price growth in Albany exceeding that proportion, there are still doubts about whether properties can be sold at the expected prices. For example, a similar full-floor condo in Albany, designed to resemble the interior of a yacht, is on the market for $29 million, slightly less than the $30 million cost of the Orchid condo.

Even if the Orchid apartment is sold for $30 million, it is expected that taxes and other expenses will consume about 20% of the sales amount.

Separately, the Honeycomb Apartments near Orchid, which was purchased with Alameda funds for $8.8 million, was last appraised at only $5.9 million, about $3 million less than what was originally paid.

COMING ASSET SALE

Earlier this year, PwC, the liquidator of FTX’s assets in the Bahamas, asked real estate brokers to submit for sale 34 properties purchased by the SBF team on New Providence Island. of proposals, most of which are condominiums towering over powdery white beaches.

The assets are expected to be sold starting later this summer, with sales progress subject to market response and investor interest.

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