Skip to content

FTX collapse: Inside Sam Bankman-Fried’s luxe $40 million Bahamas bunker

FIRST ON FOX: After allegedly fleecing as much as 1,000,000 traders for billions of {dollars} across the globe, fallen FTX crypto king Sam Bankman-Fried is hiding out inside an ultra-luxe Bahamas resort, behind concrete partitions and guarded checkpoints, a world other than his shoppers as they scramble to get better misplaced belongings.

The Albany Resort southwest of Nassau covers 600 waterfront acres, with a “uncommon assortment of facilities” that make it, in line with the brochure, “a quiet island getaway, sportsperson’s paradise, elegant retreat and real neighborhood.”

It is the place the extremely rich go to take pleasure in a tropical paradise with out interruptions from common folks.

Contained in the unique compound, which is sealed off from the general public and has guards at entrances by land and sea, members from around the globe journey palm tree-lined roads in golf carts as employees preserve the yachts, the landscaping and the companies inside.

FALLEN FTX BOSS SPENT LAVISHLY IN THE BAHAMAS WHILE ALLEGEDLY MISUSING CUSTOMER FUNDS

Sam Bankman-Fried’s $40 million penthouse is the crown jewel of the Orchid, named for it is “custom-made orchid cutout facade,” which Albany’s web site says was impressed by the French Quarter in New Orleans. (Fox Information Digital/Fox Information)

Bankman-Fried’s $40 million penthouse tops the Orchid constructing, the southernmost tower on the Albany megayacht marina’s west aspect. The six-story construction is formed like a yacht itself, dealing with south, towards the ocean, and upkeep charges have been listed at greater than $20,000.

On the garden, there’s a copy of Wall Avenue’s Charging Bull statue — solid by the unique’s creator Arturo Di Modica and bought by Joe Lewis, a billionaire co-owner of Albany who, in line with the artist’s New York Instances obituary, additionally purchased the New York Metropolis sculpture on the situation it by no means be moved from its place on the Bowling Inexperienced park on Broadway.

Charging Bull statue at the heart of the Albany Resort

Albany co-owner Joe Lewis reportedly bought a number of replicas of Wall Avenue’s Charging Bull statue, all made by the unique artist – together with this one simply steps away from Sam Bankman-Fried’s $40 million penthouse. (Fox Information Digital/Fox Information)

Steps away, at a seaside home overlooking the Atlantic Ocean, is a reproduction of the Fearless Lady sculpture that was famously dropped off in entrance of the bull in 2017 as a part of a advertising marketing campaign.

FTX COLLAPSE: STORM LOOMS OVER SAM BANKMAN-FRIED’S CRYPTO BAHAMAS CONFERENCE AS A-LIST PALS GO DARK

Fearless Girl statue overlooking the Atlantic Ocean

Basic view of the statue of Fearless Lady on the the Albany Resort in, Nassau, Bahamas Friday, November 19, 2022. (AJ Skuy for Fox Information Digital/Fox Information)

The resort features a mega-yacht marina, a non-public college and a golf course designed by co-owner Ernie Els. In actual fact, the Albany is internet hosting the Hero World Problem event there from Dec. 1 to 4 to learn the Tiger Woods Basis.

The lodge inside is open to members solely with rooms starting at $5,100 an evening.

There are bars, lounges, eating places and even a bodega inside, stocked with family provides, natural meals and alcohol.

Albany map

A map exhibits Albany’s facilities and different areas of curiosity. (Fox Information Digital/Fox Information)

Residents can order particular supply Entire Meals Market groceries, that are delivered to Fort Lauderdale and transported contained in the Albany as soon as per week, in line with the grocery store’s web site.

NEW FTX BOSS CONDEMNS BANKMAN-FRIED FOR ‘COMPLETE FAILURE OF CORPORATE CONTROLS’

Inexperienced areas embody seven trails, for pedestrians, equestrians and cyclists, along with golf cart lanes, personal roads and rows of multimillion-dollar housing. There is a canine park, an equestrian heart, a Rolex retailer and different high-end boutiques alongside the marina.

Sam Bankman-Fried sits in a chair

Sam Bankman-Fried, co-founder and chief govt officer of FTX, in Hong Kong, China, on Tuesday, Could 11, 2021. (Lam Yik/Bloomberg through Getty Pictures / Fox Information)

Forbes in 2019 referred to as the Albany neighborhood “one of the unique resorts on the earth.” Its possession group contains Justin Timberlake, the golfers Tiger Woods and Ernie Els, and the billionaire British financier Joe Lewis.

Els designed the world-class golf course on the property. There are additionally swimming pools tennis courts, a fitness center and spa, along with a small personal theater and CrossFit coaching heart.

Orchid Albany side view

It is golf cart parking solely exterior Sam Bankman-Fried’s $40 million penthouse within the unique Albany Resort on New Windfall Island within the Bahamas. (Fox Information Digital/Fox Information)

US MAY EXTRADITE SAM BANKMAN-FRIED OVER FTX COLLAPSE: REPORT

Bankman-Fried bought further condominium models for one more $32 million during the last a number of years, in line with Reuters — bringing his Bahamas actual property holdings to not less than 19 properties for round $121 million.

Bankman-Fried ignored questions from Fox Information Digital about whether or not his purchases on New Windfall Island have been paid for with buyer belongings.

Beach steps at end of walkway

The Atlantic Ocean is about 100 yards from Sam Bankman-Fried’s $40 million penthouse. (Fox Information Digital/Fox Information)

A handful of inner-circle executives lived with Bankman-Fried in Orchid Penthouse 6, which encompasses a rooftop pool and a walk-around balcony with views of the water on three sides. In line with prior actual property listings, it has 5 bedrooms, 7.5 bogs and a full-sized bar.

A man prepares the balcony of Sam Bankman-Fried's penthouse

A person prepares the balcony of Sam Bankman-Fried’s penthouse within the Bahamas forward of a storm on Monday, November 22, 2022. (AJ Skuy for Fox Information Digital/Fox Information)

John Ray, who was appointed FTX CEO after Bankman-Fried revealed his monetary troubles, filed for chapter and resigned, stated in court docket filings that FTX and its dozens of sister firms lacked purposeful accounting and human assets departments, and Bankman-Fried had obtained a $1 billion private mortgage from one in every of his personal corporations.

albany beach

Pristine Atlantic Ocean water is only a brief stroll down a palm tree-lined path. (Fox Information Digital/Fox Information)

“By no means in my profession have I seen such an entire failure of company controls and such an entire absence of reliable monetary info as occurred right here,” he wrote, after noting twice he had labored on Enron’s collapse, in a court docket submitting this week. “From compromised programs integrity and defective regulatory oversight overseas, to the focus of management within the fingers of a really small group of inexperienced, unsophisticated and probably compromised people, this example is unprecedented.”

At a listening to Tuesday, legal professionals revealed that the Justice Division has additionally opened an investigation into FTX hacking makes an attempt and a “substantial” quantity of the agency’s belongings which have gone lacking.

FTX FOUNDER SAM BANKMAN-FRIED HIT WITH CLASS-ACTION LAWSUIT THAT ALSO NAMES BRADY, BUNDCHEN, SHAQ, CURRY

SCROLL TO SEE SOME OF THE ALBANY’S BIGGEST YACHTS:

FTX legal professionals famous that the corporate, beneath its earlier administration, shelled out roughly $300 million on Bahamas actual property utilized by executives, and the corporate at the moment owes its largest 50 collectors greater than $3 billion.

A spokesperson for Bankman-Fried’s dad and mom, Stanford College regulation professors Joseph Bankman and Barbara Fried, informed Reuters this week the couple was wanting “to return the deed” to a close-by Previous Fort Bay property to FTX following the chapter. Previous Fort Bay is a separate gated neighborhood, the place Bankman-Fried’s dad and mom have been listed as signatories on property bought with FTX funds, in line with the Reuters report.

SBF's penthouse towers above the beach

Basic view of The Albany Penthouse, and environment in Nassau, Bahamas Friday, November 19, 2022. (AJ Skuy for Fox Information Digital/Fox Information)

The dad and mom have been noticed with their son and several other different people on Bankman-Fried’s penthouse balcony Monday afternoon, a day after neighbors informed Fox Information Digital the previous FTX CEO had hunkered down inside and barely got here out since his firm filed for chapter earlier this month.

Bankman-Fried’s Albany bills come along with lavish spending on US political marketing campaign contributions, catering for his staff, to the tune of $10,000 a day from native eating places, and a $60 million empty plot that was speculated to be FTX’s new headquarters. Regardless of breaking floor on the mission earlier this 12 months, it’s nothing however a fenced off patch of weeds subsequent to the ocean.

Albany Resort entrance

Basic view of the doorway to the Albany resort within the Bahamas, Thursday, November 17, 2022. (The Mega Company for Fox Information Digital/Fox Information)

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Bankman-Fried donated nearly $40 million to Democrats in 2021 and 2022, in line with the Federal Election Fee, and likewise about $260,000 to Republican candidates.

Throughout the Bahamas, his thousands and thousands of {dollars} in donations to native charities and the islands’ authorities prompted native media to report his “tentacles stretched far” throughout the archipelago.

Fox Information’ Breck Dumas, Thomas Catenacci and Greg Norman contributed to this report.

Leave a Reply

Your email address will not be published. Required fields are marked *