Sam Bankman-Fried's $222M Bahamas real estate holdings to go on the market
The FTX founder received a prison sentence of 25 years related to his fraud and money laundering convictions
Cybersecurity lawyer Leeza Garber reacts to Sam Bankman-Fried's 25-year prison sentence and $11.2 billion fine on 'Making Money.'
FTX will reportedly soon put Bahamas properties tied to Sam Bankman-Fried up for sale.
The bankrupt cryptocurrency exchange could start its effort of offloading the portfolio in the Caribbean nation as soon as April, when certain pieces of real estate are expected to appear on the market, Realtor.com reported Thursday.
The number of properties that FTX is looking to sell totals roughly three dozen, according to the real estate-focused site. They reportedly have a collective value of $222 million.
In this photo illustration, the logo of FTX, a cryptocurrency exchange is displayed on a smartphone screen. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images) (Pavlo Gonchar/SOPA Images/LightRocket via Getty Images) / Getty Images)
A source close to FTX told FOX Business the sales "will be primarily handled by the joint official liquidators in the Bahamas."
FTX and its bankruptcy administrators received permission to sell them from the U.S. Bankruptcy Court for the District of Delaware about two months ago.
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The real estate, all located in the Bahamas, includes both residential and commercial assets, according to Realtor.com. In the latter category, the outlet reported that there were several offices that FTX had appraised at $25 million combined.
As part of the effort, FTX is also looking to part ways with numerous condos and other residential real estate, including $151 million worth in the Albany Resort, according to Realtor.com.
The penthouse at The Albany in Nassau, Bahamas, which belongs to Sam Bankman-Fried, Friday, November 19, 2022. (AJ Skuy for Fox News Digital / Fox News)
That resort, which spans 600 acres, is where Bankman-Fried has his extremely high-end penthouse featuring a pool and bar.
The penthouse at The Albany in Nassau, Bahamas which belongs to Sam Bankman-Fried, Friday, November 19, 2022. (A.J. Skuy for Fox News Digital / Fox News)
FTX COLLAPSE: INSIDE SAM BANKMAN-FRIED'S LUXE $40 MILLION BAHAMAS BUNKER
FTX has been undergoing bankruptcy proceedings to pay back its creditors since the cryptocurrency exchange collapsed back in November 2022.
Bankman-Fried, who co-founded the company, separately received a 25-year prison sentence on Thursday and a mandate to pay $11 billion in forfeitures in connection to FTX’s failure.
DISGRACED CRYPTO KING SAM BANKMAN-FRIED SENTENCED TO 25 YEARS FOR FTX FRAUD
His sentencing came nearly five months after a jury had found him guilty of wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud and one count of conspiracy to commit money laundering.
Former FTX CEO Sam Bankman-Fried arrives for a bail hearing at Manhattan Federal Court on August 11, 2023, in New York City. (Michael M. Santiago/Getty Images / Getty Images)
Authorities said he had used FTX customer funds "for his personal use, to make investments and millions of dollars of political contributions to candidates from both parties, and to repay billions of dollars in loans owed by Alameda Research," according to the DOJ.
Bankman-Fried has said he will challenge both decisions through appeals.
His cryptocurrency exchange had been the third-largest prior to its collapse.
Suzanne O’Halloran contributed to this report.