FTX Bankruptcy Team to Liquidate 35 Bahamian Properties, Proceeds to Be Used for FTX Customer Repayment

FTX Bankruptcy Team to Liquidate 35 Bahamian Properties, Proceeds to Be Used for FTX Customer Repayment

FTX Bankruptcy Team to Liquidate 35 Bahamian Properties, Proceeds to Be Used for FTX Customer Repayment

According to court documents filed on Tuesday, the FTX bankruptcy team is ready to sell all of the company’s dozens of properties in the Bahamas, including the luxury apartment where former employees and former CEO SBF once resided.

Most FTX employees and all senior management worked in the Bahamas until the exchange closed at the end of 2022. According to FTX lawyers in court documents, the company has a total of 35 properties in the Bahamas, and the list of properties to be sold includes the infamous “Orchid Penthouse,” a luxury apartment where SBF and his core partners, Gary Wang, Nishad Singh, and Caroline Ellison, resided together.

In the court documents, FTX lawyers stated that the properties must be sold for at least 80% of the price estimated by the designated broker, and any sale over $5 million should be reported to the US trustee, the advisory committee of creditors, and anyone with legal claims to the listed properties. All proceeds from the sales will be used to distribute to FTX clients’ fund pool. According to a document from last year, the total value of FTX’s properties in the Bahamas is approximately $199 million.