FTX Founder’s Parents Purchased Properties Worth $121M In Bahamas

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According to a Reuters investigation published on Tuesday, referencing official property records in the Bahamas, the now bankrupt FTX crypto exchange operator, Sam Bankman Fried’s parents and the firm’s senior executives acquired at least 19 properties in the past two years for almost $121 million.

The report states that between 2021 and 2022, FTX’s subsidiary FTX Property Holdings purchased 15 properties for a total of almost $100 million. A penthouse in a resort in Albany, New York, cost $30 million, making it the most expensive piece of real estate ever sold. FTX Property president Ryan Salame allegedly signed the deed on March 17 indicating the property was to be used as a “residence for key personnel.” According to Reuters, it was impossible to tell who actually resided in the buildings.

However, last week, Bankman-Fried told Reuters that he shared a residence with nine coworkers, that the firm fed them for free, and that they had a “in-house Uber-like” service to get around the island.

FTX Property includes two commercial units. A $8.55 million cluster of residences as FTX’s headquarters, and a $4.5 million plot of land was to be turned into office space. According to the source, the FTX office is abandoned, its signage has been removed, and the site is empty.

FTX Execs Were On A Buying Spree

Among the other high-priced properties apparently purchased by Bankman-Fried, Gary Wang, a co-founder of FTX, and Nishad Singh, a former head of engineering at FTX, are three units at One Cable Beach, with prices ranging from $950,000 to $2 million.

Fried’s parents, Joseph Bankman and Barbara Fried, are both professors of law at Stanford University, and their signatures appear on records related to a property at Old Fort Bay, a former British colonial fort built in the 1700s. One of the June 15 paperwork states that the property will be used as a “vacation home.”

The former CEO of the now-defunct FTX exchange ended up taking $300 million out of the $420 million the exchange raised in October 2021. While it is still unclear what SBF did with the fund.

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