Sam Bankman-Fried’s $222M Bahamas real estate to go on the market

FTX will reportedly quickly put Bahamas properties tied to Sam Bankman-Fried up on the market.

The bankrupt cryptocurrency change may begin its effort of offloading the portfolio in the Caribbean nation as quickly as April, when sure items of real estate are anticipated to seem on the market, Realtor.com reported Thursday.

The variety of properties that FTX is wanting to promote totals roughly three dozen, in accordance to the real estate-focused website. They reportedly have a collective worth of $222 million.

In this picture illustration, the brand of FTX, a cryptocurrency change is displayed on a smartphone display screen. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket through Getty Images) (Pavlo Gonchar/SOPA Images/LightRocket through Getty Images) / Getty Images)

A supply shut to FTX informed FOX Business the gross sales “will be primarily handled by the joint official liquidators in the Bahamas.”

FTX and its chapter directors obtained permission to promote them from the U.S. Bankruptcy Court for the District of Delaware about two months in the past.

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The real estate, all situated in the Bahamas, contains each residential and industrial belongings, in accordance to Realtor.com. In the latter class, the outlet reported that there have been a number of workplaces that FTX had appraised at $25 million mixed. 

As a part of the effort, FTX can be wanting to half methods with quite a few condos and different residential real estate, together with $151 million value in the Albany Resort, in accordance to Realtor.com.

The penthouse at The Albany in Nassau, Bahamas, which belongs to Sam Bankman-Fried, Friday, November 19, 2022. (AJ Skuy for Fox News Digital / Fox News)

That resort, which spans 600 acres, is the place Bankman-Fried has his extraordinarily high-end penthouse that includes a pool and bar.

The penthouse at The Albany in Nassau, Bahamas which belongs to Sam Bankman-Fried, Friday, November 19, 2022. (A.J. Skuy for Fox News Digital / Fox News)

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FTX has been present process chapter proceedings to pay again its collectors since the cryptocurrency change collapsed again in November 2022. 

Bankman-Fried, who co-founded the firm, individually obtained a 25-year prison sentence on Thursday and a mandate to pay $11 billion in forfeitures in connection to FTX’s failure.

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His sentencing got here almost 5 months after a jury had found him guilty of wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud and one rely of conspiracy to commit cash laundering.

Former FTX CEO Sam Bankman-Fried arrives for a bail listening to at Manhattan Federal Court on August 11, 2023, in New York City.  (Michael M. Santiago/Getty Images / Getty Images)

Authorities stated he had used FTX buyer funds “for his personal use, to make investments and millions of dollars of political contributions to candidates from both parties, and to repay billions of dollars in loans owed by Alameda Research,” in accordance to the DOJ.

Bankman-Fried has stated he’ll problem each selections by way of appeals.

His cryptocurrency exchange had been the third-largest prior to its collapse.

Suzanne O’Halloran contributed to this report.