Former FTX CEO Sam Bankman-Fried was adept at wooing investors and lawmakers alike. The founder of the popular cryptocurrency exchange spent the bulk of his time at his penthouse in the Bahamas, but he was also at home in the halls of power in Washington, DC.
His ample donations and friendly lobbying efforts made him a darling of senators and representatives before his company rapidly went bust in spectacular fashion in early November.
FTX sought to make an impression in DC
One of the nonprofit ventures Bankman-Fried partly funded went by the name of Guarding Against Pandemics. His brother, Gabe, ran the organization founded to prevent the spread of another pandemic such as COVID-19.
To cater to the power brokers of the nation’s capital, the nonprofit splurged on a townhome in DC’s Capitol Hill neighborhood. The point behind the purchase was to announce “S.B.F. and his network were in D.C. to stay,” according to a recent report from Puck.
So where did their DC project look to put down roots? 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.”
Exterior
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The 3,762-square-foot residence landed on the market at the very same price on March 1. Access to cash was no problem six months ago, and the nonprofit quickly closed on a deal for the four-bedroom home.
The sale price worked out to $860 per square foot, a price in line with comparable properties in the 20002 ZIP code. A four-story home nearby is available for $2,950,000 ($838 per square foot), but it’s been on the market for three months. Suffice it to say, the housing market has shifted a bit since April.
Inside the DC townhouse linked to Bankman-Fried
Just a week before FTX collapsed, Guarding Against Pandemics reportedly hosted two consecutive cocktail parties at the townhome.
One night was for Democratic movers and shakers, the next was for Republican bigwigs. Both nights, the menu was “mostly vegan.” While we don’t know if the food was prepared on site or catered, the home’s kitchen looks like a perfect spot to schmooze.
DC kitchen
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Centered around a gleaming white island with bar seating, the all-white space features built-in cabinetry and chic pendant lights. The kitchen also boasts a walk-in pantry and a breakfast nook.
The residence also features a 1,000-square-foot terrace, which allows indoor-outdoor entertaining and serves as a welcome respite during the warmer months.
Outdoor deck
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High-end amenities of the townhouse include a private underground garage, three wine refrigerators (including a mini one in the primary suite), four fireplaces, and an elevator.
Wine fridge
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A formal dining room on the home’s second level features built-in cabinetry, a chandelier, and a cozy fireplace. It looks like a perfect spot to host a sumptuous soiree.
Dining room
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Located on the main floor is the primary suite, which includes a fireplace, office nook,spacious bathroom, and access to an additional terrace.
Primary suite
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In addition to the DC purchase in April, FTX is reported to have spent $74 million on real estate in the Bahamas, most of it going toward residences in the luxury community known as Albany Bahamas.
Sam Bankman-Fried reportedly put his $40 million penthouse on the island up for sale the same day FTX filed for bankruptcy. Gabe Bankman-Fried has stepped down from his role as head of Guarding Against Pandemics.
As the bankruptcy process moves forward, we won’t be shocked to see this premium slice of DC property back on the market—and priced to sell.
Randy White (stonecrestmediava@gmail.com) contributed to this report.
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