$97,368
The bankrupt cryptocurrency exchange is poised to initiate its strategic move of divesting its portfolio in the Caribbean nation as early as April, with certain pieces of prime real estate anticipated to hit the market, as reported by Realtor.com on Thursday.
According to the real estate-focused site, FTX aims to sell approximately three dozen properties, collectively valued at $222 million. Sources close to FTX have confirmed that these sales will primarily be managed by the joint official liquidators in the Bahamas.
FTX, along with its bankruptcy administrators, secured approval from the U.S. Bankruptcy Court for the District of Delaware for the sale nearly two months ago.
The real estate holdings, situated exclusively in the Bahamas, encompass a mix of residential and commercial assets. Among the commercial properties are several office spaces, appraised at a combined value of $25 million.
In addition to commercial assets, FTX intends to offload numerous condos and other residential properties, including those valued at $151 million within the Albany Resort, as detailed by Realtor.com.
The Albany Resort, sprawling across 600 acres, notably features the ultra-luxurious penthouse of Bankman-Fried, complete with a private pool and bar.
Since the collapse of the cryptocurrency exchange in November 2022, FTX has been navigating bankruptcy proceedings to settle outstanding debts with creditors.
In a separate legal development, Bankman-Fried, co-founder of the company, was sentenced to 25 years in prison and ordered to forfeit $11 billion in connection with FTX’s downfall.
This sentencing follows his conviction on charges of wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud, and conspiracy to commit money laundering, culminating from his misuse of FTX customer funds, including personal expenses, investments, political contributions, and loan repayments owed by Alameda Research, according to the DOJ.
Bankman-Fried has expressed intent to contest both decisions through the appeals process.
Despite its former status as the third-largest cryptocurrency exchange, FTX now navigates significant legal challenges in the aftermath of its collapse.