Embattled FTX CEO has reportedly listed his Washington, D.C. property for sale. The 4,100 square-foot-property purchased last April is the latest in a long list of belongings given up by the 30-year-old Sam Bankman-Fried since being arrested and extradited from the Bahamas.
Featuring a luxurious four-bedroom and five bathrooms in the heart of one of America’s posh neighbourhoods, SBF had made the purchase indirectly through his brother Gabe Bankman-Fried, who doubles as the founder of Guarding Against Pandemics—an NGO heavily funded by SBF himself. Gabe had thrown a few lavish parties for politicians from across both political spectrums, lavishing thousands of dollars on the exquisite menu weeks before the FTX implosion. Sam was heavily involved in courting politicians—an act that now reads among his charges and could land the distressed founder in jail. The New York Times reported the house’s selling price as similar to figures donated by SBF last year.
The D.C. property is one of Sam’s many real estate purchases over the last three years. In the Bahamas, the flamboyant CEO lavished a whopping $256 million on 35 different properties and was reported to own two of the most luxurious apartments in the beautiful Albany area.
Since suffering a forfeiture of over $400 million worth of crypto assets by the government of Bahamas and a clampdown on his Robinhood stocks worth $700 million by the US government, SBF has continued to scrape all edges of his broken financial empire, seeking funds to foot his piling legal fees. With two of America’s top criminal lawyers in his defence team, Sam is currently restricted to a daily spending limit of $1000 and is on course to incur million in legal debts, hence the need for such distress and sale.
Now confined in his $4 million Palo Alto home, Sam, who pleaded not guilty to an eight-count indictment charge, will have to spend the next ten months under house arrest until the next trial date fixed for 23rd of October, 2023.
There are now ongoing plans to resuscitate the embattled FTX exchange. The new FTX CEO, John J Ray II, hinted at the possibility and has already set up a task force to explore the possibility of a restart. According to John Ray, the aim is to raise funds to settle pending post-bankruptcy creditors. Sam lauded the idea, calling it overdue.