According to the filing dated September 11, 2023, the total value of FTX Bahamas Properties has been assessed to be worth $199 million. The court filing said that the 38 properties in the Bahamas with $222 million book value were appraised at $199 million. This is an important development in the case, in the context of the cash diversion allegations faced by FTX founder Sam Bankman-Fried.
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$199 Million Worth Property In Bahamas
The company revealed that $2.2 billion worth in cash, crypto, equity and real estate value was received by Sam Bankman-Fried, Nishad Singh, Zixiao Gary Wang, and Caroline Ellison among 46 others. The filing showed that the FTX Bahamas properties included 15 properties by the name Albany Marina Residences worth $151 million and $34 million across 5 additional properties. Further, the crypto exchange stated in the filing that it has organized about $7 billion in assets including $1.16 billion worth of Solana ($SOL) and $560 million worth of Bitcoin ($BTC).
In November 2022, CoinGape reported that Sam Bankman-Fried’s parents and senior FTX executives have purchased several properties across the Bahamas. At the time, the official property records were reported to have shown a total worth of $121 million in the 2 years before the FTX collapse. In a recent development, the FTX founder has sought the court a relief of five days a week outside the court for working on his defense case.
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