This article originally appeared on Business Insider.
Prosecutors pointed to Sam Bankman-Fried’s lavish lifestyle during the criminal trial against the FTX cofounder, sharing photos of the penthouse condo in the Bahamas that Sam Bankman-Fried once lived in, which they said was worth about $35 million.
Bankman-Fried’s lawyers had requested some of the photos of the condo be kept out of evidence, but Judge Lewis Kaplan denied the request.
In the trial, which started Tuesday, Bankman-Fried is being accused of fleecing FTX customers and investors out of billions of dollars, some of which is said to have been used for personal or family-related real-estate purchases, and commingling funds between his cryptocurrency-exchange platform and its affiliated hedge fund, Alameda Research.
Take a look inside the condo where Bankman-Fried and his coworkers spent much of their time.
After Bankman-Fried shifted FTX’s operations to the Bahamas in 2021, he moved into an expensive resort community in Nassau named Albany.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the US Department of Justice
The 600-acre Albany community was founded by a group of investors that included several celebrities such as Tiger Woods, Will Smith, and Justin Timberlake, Fortune previously reported.
Between 2020 and 2022, Sam Bankman-Fried, his parents, and some of the executives at his companies bought about 19 different properties in the Bahamas, Reuters reported last year.
The publication said the purchases included seven condos at the Albany location, which came to about $72 million in total.
The penthouse Bankman-Fried lived at was in a building in the Albany community named “the Orchid.”
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the US Department of Defense
“Orchid — the building closest to the ocean, the one with the most sweeping views — was more subtle,” Michael Lewis wrote in his book on Bankman-Fried, comparing the building with other Albany properties. “It looked nothing like an orchid in any light, but its exterior was wrapped with an aluminum sheath whose pattern was meant to call to mind the tropical flower.”
The property was listed for sale for nearly $40 million the same day FTX filed for bankruptcy last year. But the listing has since been taken down.
Bankman-Fried lived in the condo with several of his coworkers.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the US Department of Justice
Lewis said Bankman-Fried lived at the condo with Alameda Research CEO Caroline Ellison, who was his on-and-off girlfriend; Gary Wang, his FTX cofounder; Nishad Singh, the FTX engineering director; and his college friend Adam Yedidia.
The author said Bankman-Fried was later “booted” out of the condo by Ellison.
On Wednesday, Yedidia testified that he lived in the condo with nine other people, including Bankman-Fried. Yedidia said the property was bought for about $35 million by Alameda Research at Bankman-Fried’s direction.
The penthouse is 12,000 square feet, and its floor-to-ceiling windows overlook the Albany marina and the Atlantic Ocean.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the US Department of Justice
The listing said: “Every aspect of the penthouse was meticulously designed with Venetian plaster walls matching Italian marble accents throughout, German engineered doors and windows, and wired throughout for sound,” The Guardian reported.
The condo had plenty of space for people to stay.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the US Department of Justice
The bedrooms in the condo included a master bedroom with two bathrooms attached, as well as four bedrooms each equipped with their own bathrooms, The Guardian reported.
It also had a private spa attached to the master bedroom, The Guardian reported.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the US Department of Justice
The spa has an outdoor television and a sitting area.
It’s unclear whether Bankman-Fried occupied the master bedroom while he lived there. Lewis wrote that each of the occupants slept in mostly identical rooms.
The living room and dining area overlook an outdoor pool and jacuzzi.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the US Department of Justice
Pictures of the living room show either a set of binoculars or a small telescope near the dining room table.
Photos of the lavish condo appear at odds with Bankman-Fried’s public statements about his lifestyle, including his emphasis on effective altruism.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the US Department of Justice
“I’m not that much of a consumer, exactly,” he once told an interviewer.
Bankman-Fried said in the past he was aiming to make as much money as possible so he could put the money toward doing good. He once told Bloomberg he planned to keep just 1% of his earnings and give the rest away.
“Look, there are a lot of things that I think have really a massive impact on the world,” Bankman-Fried told The New York Times in November, saying the things he’d done at FTX had been for the good of humanity. “And ultimately, that’s what I care about the most. And, I mean, I think frankly that the blockchain industry could have a substantial positive impact. I was thinking a lot about, you know, bed nets and malaria, about, you know, saving people from diseases no one should die from.”
Lewis’ book said the Orchid building lit up purple at night.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the US Department of Justice
“The purple light made it seem glamorous, and elicited envy even from those accustomed to being envied,” Lewis wrote.
The condo also has an outdoor grill and cooking area.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the US Department of Justice
But Bankman-Fried was unlikely to enjoy a barbecue outside as he has said he’s vegan.
The condo also appears to have multiple massive TVs.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the US Department of Justice
Bankman-Fried has been known to be an avid video game player.
Lewis wrote in his book that the FTX cofounder played video games during his first live television interview and games during business phone calls.
The condo’s television room features a “Harry Potter” poster.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the US Department of Justice
Lewis wrote in his book that Bankman-Fried read J.K. Rowling’s series several times during his youth, but started to dislike books as he grew older.
The penthouse overlooks a yacht marina. Though, Bankman-Fried does not appear to own a yacht.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder.
Courtesy of the US Department of Justice
During the trial, Bankman-Fried’s lawyers unsuccessfully contested the use of pictures related to the marina because they said it would make it seem as if the FTX cofounder owned a yacht to the jurors.
The former FTX CEO said in the past that the only reason superyachts exist was because billionaires “can’t figure out what to do with their money.”
“When you think about yourself personally, about spending money on yourself, how much can you spend usefully on yourself?” Bankman-Fried told Yahoo Finance Live in April 2022 before FTX collapsed. “You can buy nice food. You’re talking about hundreds of thousands a year, right? You get to millions a year with fancy things, but after the 10th car, it’s not fair what you’re doing.”
The perimeter of the condo is lined with a balcony that looks out on the water.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the US Department of Justice
Lewis said in his book the condo overlooked a beach, but Bankman-Fried and his colleagues rarely walked the beach or enjoyed the penthouse’s views of the ocean.
The penthouse has an outdoor fire pit.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the US Department of Justice
Fortune reported the Albany resort community also had an 18-hole golf course and 11 private restaurants.
The kitchen has a long island and a door wall that opens out onto the wraparound balcony.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the Department of Justice
The kitchen is also equipped with a television screen.
The penthouse also appears to have an extended pantry area off of the kitchen.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the US Department of Justice
The area appears to look out into another room.
The condo also has its own bar.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the US Department of Justice
While the bar appears fully stocked in the photos, Bankman-Fried and his colleagues have been depicted as anything but heavy drinkers.
On Tuesday, Bankman-Fried’s lawyers argued that the crypto whiz was a “math nerd who didn’t drink or party.” In his book, Lewis wrote that a glass of wine was an “act of hedonism” for the occupants of the penthouse.
Despite its fancy features, Bankman-Fried and his coworkers turned the luxury penthouse into a “flophouse,” Lewis said.
Prosecutors shared photos of Sam Bankman-Fried’s $35 million penthouse in the criminal trial against the FTX cofounder. Courtesy of the US Department of Justice
He said they took away from the chic appeal of the house with nerdy gadgets and haphazardly discarded paraphernalia.
“One wall was now obscured by a row of computer monitors whose cords snaked across the marble like jungle vines,” Lewis wrote in his book, referring to the condo’s occupants as effective altruists, or EAs. “A cheap Ikea-like bookshelf groaned under the weight of the EAs’ favorite board games: Galaxy Trucker, Wingspan, 7 Wonders, more than one chess set.”
Source link
