Source: CNBC —
Bahamian lawyers say FTX executives Sam Bankman-Fried and Ryan Salame spent $256.3 million to buy and maintain 35 different properties across New Providence, Bahamas.
Now, Bahamas regulators are trying to claw back the property from FTX’s U.S. bankruptcy protection proceedings, telling a Delaware federal judge that allowing the properties to be administered in U.S. courts would be both administratively ineffective and illegal under Bahamas law.
It is the first true look behind the curtain at FTX’s mammoth real estate spending. Tens of millions were spent just at the small island development that Bankman-Fried called home, with FTX’s holding company buying at least 15 properties and one vacant lot for a combined total of over $143 million.
Two of the largest apartments at that private Albany development came in at an eye-watering $30 million; another was purchased for just over $21.3 million.