Former FTX ex Ryan Salame to sell $5.9M Bahamas property
Ryan Salame, the former CEO of FTX Digital Markets, has agreed to hand over his multimillion-dollar property in the Bahamas as part of a plea deal in a criminal case.
Ryan Salameh has agreed to give up his $5.9 million home in the Bahamas, according to a May 1 filing in U.S. Bankruptcy Court with FTX Trading Ltd. and related creditors.
Salame pleaded guilty to criminal charges in September 2023 and the plea agreement required him to pay $5.6 million in restitution to creditors.
Instead of paying cash, Salame proposed to settle the money by transferring his residence to FTX Digital Markets Ltd.
“Salame will satisfy the amount of the refund by transferring his residence in the Bahamas, Unit No. 3A at Marina Residences, Albany Building 10 Condominium, to FTX DM,” the filing read.
The borrowers argued that this was in their best interest as it would prevent Salame from quickly selling the residence at a discount, which would adversely affect their ability to monetize their other Bahamian properties.
In the year By 2023, Bahamian realtors say the top sales volume has dropped by 25%. Meanwhile, Australian real estate firm Properstar says apartment prices have fallen by 28 percent in the past 12 months.
Salameh was charged with making illegal political contributions and conspiring to defraud the Federal Election Commission and operate an unauthorized money transfer business.
Related: FTX co-CEO Salame's sentencing postponed to end of May
The filing also shows Salameh agreed to buy the property in September 2021 for $7.2 million, and the 10 percent deposit came from an Alameda research account at Silvergate Bank.
In the year In November, FTX DM wired $8.1 million from his bank account at Fidelity Bank in the Bahamas to pay the purchase price to Salame's real estate attorney.
In the year In March 2022, Salame and Alameda entered into a promissory note agreeing to pay $8.1 million to Alameda. However, FTX and Alameda filed for bankruptcy in early November 2022 shortly after.
Salameh's sentencing is currently set for May 28, 2024. Former FTX CEO Sam Bankman-Fried was sentenced to 25 years in prison in late March.
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