Former CEO of FTX Sam Bankman Fried was adept at wooing investors and lawmakers. The founder of the popular cryptocurrency exchange spent most of his time in his penthouse in the Bahamas, but he was also at home in the halls of power in Washington, DC.
His large donations and friendly lobbying efforts made him a darling of senators and representatives before his company quickly went bankrupt in spectacular fashion in early November.
FTX sought to impress DC
One of the nonprofits funded in part by Bankman-Fried was called Guarding Against Pandemics. His brother, Gabeled the organization founded to prevent the spread of another pandemic such as COVID-19.
To meet the needs of power brokers in the nation’s capital, the nonprofit splurged on a townhouse in DC’s Capitol Hill neighborhood. The purpose of the purchase was to announce that “SBF and its network were in DC to stay,” according to a recent report by Puck.
So where did their DC project seek to take root? In mid-April, Guarding Against Pandemics purchased a $3,289,000 brick townhouse on a tree-lined street in a prime location “in the shadow of the Capitol.”
The 3,762 square foot residence landed on the market at the same price on March 1. Access to cash wasn’t an issue six months ago, and the nonprofit quickly struck a deal for the four-bedroom house.
The sale price was $860 per square foot, a price in line with comparable properties in the 20002 zip code. A nearby four-story home is available for $2,950,000 ($838 per square foot), but it has been on the market for three months. Suffice it to say, the housing market has changed a little since April.
Inside the Bankman-Fried-linked DC townhouse
Just a week before FTX collapsed, Guarding Against Pandemics reportedly hosted two back-to-back cocktail parties at the townhouse.
One night was for Democratic movers and shakers, the next was for Republican bigwigs. Both nights the menu was ‘mainly vegan’. While we don’t know if the food was prepared on-site or catered, the home’s kitchen looks like a perfect place to chat.
Centered around a gleaming white island with bar seating, the all-white space features built-in cabinets and chic pendant lights. The kitchen also includes a walk-in pantry and breakfast nook.
The residence also features a 1,000 square foot terrace, which allows for indoor and outdoor entertaining and serves as a welcome respite during the warmer months.
Top of the line townhouse amenities include a private underground garage, three wine fridges (including a mini in the master suite), four fireplaces, and an elevator.
A formal dining room on the second level of the home features fitted cabinets, a chandelier and a cozy fireplace. It looks like a perfect place to host a lavish evening.
Located on the ground floor is the master suite, which includes a fireplace, an office area, a spacious bathroom and access to an additional terrace.
In addition to the DC purchase in April, FTX reportedly spent $74 million on real estate in the Bahamas, with the bulk going to residences in the luxury community known as Albany Bahamas.
Sam Bankman-Fried reportedly listed his $40 million penthouse on the island for sale the same day FTX filed for bankruptcy. Gabe Bankman Fried resigned of his role as head of Guarding Against Pandemics.
As the bankruptcy process progresses, we won’t be shocked to see this premium slice of DC property back on the market and at a sale price.
Randy White ([email protected]) contributed to this report.