A Delaware judge has approved the sale of $222 million worth of luxury Bahamian real estate once owned by the collapsed cryptocurrency exchange FTX.
Judge John Dorsey has granted permission for FTX Trading and FTX PropCo to proceed with the Exclusive Sales Agency Agreement for the Bahamas properties. The terms of this agreement have received full approval. Both entities are now authorized to act in accordance with the terms outlined in the Bahamas Properties Exclusive Sales Agency Agreement.
The agreement encompasses the sale of 35 properties acquired by FTX Digital Markets during its nearly two years of operation in The Bahamas. These properties include 16 units within the exclusive gated community of Albany, seven units at the recently inaugurated Goldwynn Resort and Residences, four units at One Cable Beach, office spaces within the Veridian Corporate Centre, Pineapple House, Ocean Terrace (without specifying whether it refers to a unit or the complex), two lots in Old Fort Bay, a property on Blake Road, and the West Bay property where the company had intended to construct its headquarters.
FTX Property Holdings, now known as FTX PropCo, was established in The Bahamas on July 22, 2021—almost two months before the crypto exchange obtained the necessary licensing and approvals to operate within the nation. Its primary purpose was to acquire and manage commercial and high-end real estate purchased for use by FTX and its senior executives.