According to court documents filed on Tuesday, the FTX bankruptcy team is prepared to sell dozens of properties owned by the company in the Bahamas, including the luxury apartment where former employees and former CEO SBF used to reside.
Most FTX employees and all senior management worked in the Bahamas before the exchange closed at the end of 2022, according to FTX lawyers in court documents. The company owns a total of 35 properties in the Bahamas, and the list of properties the lawyers hope to sell 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 estimated price by designated brokers, and any sales exceeding $5 million should be reported to the U.S. trustee, the creditors committee advisor, and anyone with legal claims against the listed properties. All proceeds from the sales will be used to distribute to the pool of funds for FTX clients. According to a document from last year, the total value of properties owned by FTX in the Bahamas is approximately $199 million.