From Crypto King’s Perch to Auction Block: FTX Bahamas Penthouse for Sale

• FTX’s $30 million Orchid penthouse is now up for sale.
• FTX overpaid for its Bahamian properties, creating a bubble market.
• Liquidation hopes to recover losses for FTX creditors.

A lavish penthouse atop the Orchid building in Nassau, Bahamas, is set for sale as part of the ongoing liquidation of assets belonging to bankrupt cryptocurrency exchange FTX. This opulent property, once the headquarters of FTX co-founder Sam Bankman-Fried, stands as a symbol of the company’s meteoric rise and swift downfall.

Real estate experts believe FTX overpaid for its Bahamian properties, creating a bubble market. Nassau’s developer, Jason Kinsale, and real estate appraiser, Robin Brownrigg, anticipate challenges in recouping the original investments. For example, a similar apartment in the same building recently listed for $29 million, indicating losses after taxes and fees.

FTX’s liquidation involves $255 million worth of properties, including 52 apartments and lots in luxury developments like Albany, a high-end enclave home to celebrities like Tiger Woods and Justin Timberlake. FTX’s real estate spree included $140 million for 15 apartments and a villa in Albany alon…

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