According to court documents filed on Tuesday, the FTX bankruptcy team is prepared to sell all of the company’s dozens of properties in the Bahamas, including the luxury apartment where former employees and 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 the court documents, the company owns a total of 35 properties in the Bahamas. The list of properties to be sold includes the infamous “Orchid Penthouse,” where SBF and his core associates, Gary Wang, Nishad Singh, and Caroline Ellison, resided.
In the court documents, FTX lawyers stated that the properties must be sold for at least 80% of the appraised value determined by a designated broker. Any sales exceeding $5 million should be reported to the US trustee, the creditors’ committee advisor, and anyone with legal claims against the listed properties. All proceeds from the sales will be used to distribute funds to FTX clients. According to a document from last year, the total value of FTX’s properties in the Bahamas is approximately $199 million.
