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Prosecutors pointed to Sam Bankman-Fried’s lavish way of life throughout the felony trial in opposition to the FTX cofounder, sharing photographs of the penthouse apartment within the Bahamas that Sam Bankman-Fried as soon as lived in, which they stated was value about $35 million.
Bankman-Fried’s legal professionals had requested a few of the photographs of the apartment be stored out of proof, however Decide Lewis Kaplan denied the request.
Within the trial, which began Tuesday, Bankman-Fried is being accused of fleecing FTX prospects and buyers out of billions of {dollars}, a few of which is alleged to have been used for private or family-related real-estate purchases, and commingling funds between his cryptocurrency-exchange platform and its affiliated hedge fund, Alameda Analysis.
Have a look contained in the apartment the place Bankman-Fried and his coworkers spent a lot of their time.
After Bankman-Fried shifted FTX’s operations to the Bahamas in 2021, he moved into an costly resort group in Nassau named Albany.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the US Division of Justice
The 600-acre Albany group was based by a gaggle of buyers that included a number of celebrities akin to Tiger Woods, Will Smith, and Justin Timberlake, Fortune beforehand reported.
Between 2020 and 2022, Sam Bankman-Fried, his mother and father, and a few of the executives at his firms purchased about 19 completely different properties within the Bahamas, Reuters reported final yr.
The publication stated the purchases included seven condos on the Albany location, which got here to about $72 million in whole.
The penthouse Bankman-Fried lived at was in a constructing within the Albany group named “the Orchid.”
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the US Division of Protection
“Orchid — the constructing closest to the ocean, the one with essentially the most sweeping views — was extra delicate,” Michael Lewis wrote in his e-book on Bankman-Fried, evaluating the constructing with different Albany properties. “It seemed nothing like an orchid in any mild, however its exterior was wrapped with an aluminum sheath whose sample was meant to think of the tropical flower.”
The property was listed on the market for practically $40 million the identical day FTX filed for chapter final yr. However the itemizing has since been taken down.
Bankman-Fried lived within the apartment with a number of of his coworkers.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the US Division of Justice
Lewis stated Bankman-Fried lived on the apartment with Alameda Analysis CEO Caroline Ellison, who was his on-and-off girlfriend; Gary Wang, his FTX cofounder; Nishad Singh, the FTX engineering director; and his faculty buddy Adam Yedidia.
The writer stated Bankman-Fried was later “booted” out of the apartment by Ellison.
On Wednesday, Yedidia testified that he lived within the apartment with 9 different individuals, together with Bankman-Fried. Yedidia stated the property was purchased for about $35 million by Alameda Analysis at Bankman-Fried’s route.
The penthouse is 12,000 sq. toes, and its floor-to-ceiling home windows overlook the Albany marina and the Atlantic Ocean.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the US Division of Justice
The itemizing stated: “Each facet of the penthouse was meticulously designed with Venetian plaster partitions matching Italian marble accents all through, German engineered doorways and home windows, and wired all through for sound,” The Guardian reported.
The apartment had loads of area for individuals to remain.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the US Division of Justice
The bedrooms within the apartment included a main bedroom with two loos connected, in addition to 4 bedrooms every outfitted with their very own loos, The Guardian reported.
It additionally had a personal spa connected to the master suite, The Guardian reported.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the US Division of Justice
The spa has an outside tv and a sitting space.
It is unclear whether or not Bankman-Fried occupied the master suite whereas he lived there. Lewis wrote that every of the occupants slept in principally equivalent rooms.
The lounge and eating space overlook an outside pool and jacuzzi.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the US Division of Justice
Photos of the lounge present both a set of binoculars or a small telescope close to the eating room desk.
Photographs of the lavish apartment seem at odds with Bankman-Fried’s public statements about his way of life, together with his emphasis on efficient altruism.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the US Division of Justice
“I am not that a lot of a client, precisely,” he as soon as informed an interviewer.
Bankman-Fried stated prior to now he was aiming to make as a lot cash as attainable so he might put the cash towards doing good. He as soon as informed Bloomberg he deliberate to maintain simply 1% of his earnings and provides the remaining away.
“Look, there are numerous issues that I believe have actually an enormous impression on the world,” Bankman-Fried informed The New York Occasions in November, saying the issues he’d achieved at FTX had been for the nice of humanity. “And finally, that is what I care about essentially the most. And, I imply, I believe frankly that the blockchain business might have a considerable constructive impression. I used to be pondering loads about, you already know, mattress nets and malaria, about, you already know, saving individuals from illnesses nobody ought to die from.”
Lewis’ e-book stated the Orchid constructing lit up purple at evening.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the US Division of Justice
“The purple mild made it appear glamorous, and elicited envy even from these accustomed to being envied,” Lewis wrote.
The apartment additionally has an outside grill and cooking space.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the US Division of Justice
However Bankman-Fried was unlikely to take pleasure in a barbecue outdoors as he has stated he is vegan.
The apartment additionally seems to have a number of huge TVs.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the US Division of Justice
Bankman-Fried has been identified to be an avid online game participant.
Lewis wrote in his e-book that the FTX cofounder performed video video games throughout his first reside tv interview and video games throughout enterprise telephone calls.
The apartment’s tv room encompasses a “Harry Potter” poster.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the US Division of Justice
Lewis wrote in his e-book that Bankman-Fried learn J.Ok. Rowling’s collection a number of instances throughout his youth, however began to dislike books as he grew older.
The penthouse overlooks a yacht marina. Although, Bankman-Fried doesn’t seem to personal a yacht.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder.
Courtesy of the US Division of Justice
Throughout the trial, Bankman-Fried’s legal professionals unsuccessfully contested the usage of photos associated to the marina as a result of they stated it will make it appear as if the FTX cofounder owned a yacht to the jurors.
The previous FTX CEO stated prior to now that the one purpose superyachts exist was as a result of billionaires “cannot determine what to do with their cash.”
“When you concentrate on your self personally, about spending cash on your self, how a lot are you able to spend usefully on your self?” Bankman-Fried informed Yahoo Finance Dwell in April 2022 earlier than FTX collapsed. “You should purchase good meals. You are speaking about tons of of 1000’s a yr, proper? You get to tens of millions a yr with fancy issues, however after the tenth automotive, it is not honest what you are doing.”
The perimeter of the apartment is lined with a balcony that appears out on the water.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the US Division of Justice
Lewis stated in his e-book the apartment missed a seashore, however Bankman-Fried and his colleagues not often walked the seashore or loved the penthouse’s views of the ocean.
The penthouse has an outside hearth pit.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the US Division of Justice
Fortune reported the Albany resort group additionally had an 18-hole golf course and 11 personal eating places.
The kitchen has an extended island and a door wall that opens out onto the wraparound balcony.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the Division of Justice
The kitchen can also be outfitted with a tv display screen.
The penthouse additionally seems to have an prolonged pantry space off of the kitchen.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the US Division of Justice
The realm seems to look out into one other room.
The apartment additionally has its personal bar.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the US Division of Justice
Whereas the bar seems totally stocked within the photographs, Bankman-Fried and his colleagues have been depicted as something however heavy drinkers.
On Tuesday, Bankman-Fried’s legal professionals argued that the crypto whiz was a “math nerd who did not drink or social gathering.” In his e-book, Lewis wrote {that a} glass of wine was an “act of hedonism” for the occupants of the penthouse.
Regardless of its fancy options, Bankman-Fried and his coworkers turned the posh penthouse right into a “flophouse,” Lewis stated.
Prosecutors shared photographs of Sam Bankman-Fried’s $35 million penthouse within the felony trial in opposition to the FTX cofounder. Courtesy of the US Division of Justice
He stated they took away from the stylish attraction of the home with nerdy devices and haphazardly discarded paraphernalia.
“One wall was now obscured by a row of pc screens whose cords snaked throughout the marble like jungle vines,” Lewis wrote in his e-book, referring to the apartment’s occupants as efficient altruists, or EAs. “An inexpensive Ikea-like bookshelf groaned beneath the burden of the EAs’ favourite board video games: Galaxy Trucker, Wingspan, 7 Wonders, a couple of chess set.”
