FaceTime or Ask Patrick any questions on
Want to get clear on your next 5 business moves?
In this short clip, Patrick Bet-David, Tom Ellsworth, Adam Sosnick and Vincent Oshana talk about FTX spending $256 million on Bahamas real estate.
Watch the full podcast here:
To reach the Valuetainment team you can email:
#valuetainment
FTX spent 256 million dollars on Bahama Real estate now the Island's government Wants it back this is a CNBC story on Page nine so uh uh okay so Bahamas Lawyer said FTX executive San Magnum Freedom Ryan uh salami what a last name Spent 256 million dollars to buy and Maintain 35 different properties Across New Providence Bahamas Now Bahamas Regulators are trying to claw Back the property from FTX U.S Bankruptcy protection proceedings Telling the Delaware federal judge that Allowing the properties to be Administered in U.S courts would be both Administratively ineffective and illegal Under Bahamas laws tens of millions of Uh tens of millions were spent just at The small island development that Bankman free called home with FTX Holden Company buying at least 15 properties And one vacant lot for Combined total of 143 million dollars two of the largest Apartments at this private Albany Development came in an eye watering 30 Million dollars another was purchased For just over 21.3 million dollar time What do you have to say about it well I Don't know if anybody knows about Albany Albany is very popular you're here You're seeing NBA players and athletes Some billionaires that are looking Around over at Albany and Memphis I Think
Um you guys took a vacation and you were Invited to go check it out as well I Think and you saw I saw this one Property we we liked a lot you know it's A pretty cool it's a sick by the way It's a six a community okay so when You're trying to sell these high-end Properties what you don't want is Four 15 properties to be caught up in U.S bankruptcy court with signs out Front that says auction pending what you Want is the government wants our Bankruptcy Court to release them back so That two things can happen number one it Doesn't affect the value of the other Albany properties and number two they Can sell them to the next guy so this is Actually kind of funny with the Bahamas Like yeah listen this we we wait wait This would be illegal under our law hang On and I noticed the order they say it Would be administratively ineffective And oh by the way it's illegal under our Law so please get out of here give us The property back let us sell it to the Next guy please and don't auction it off At some low number because they're just Going to auction it off in the Bankruptcy court they don't dress the Thing up there this isn't like a Professional sale there'll be an auction Over there it'll sell 60 cents on the Dollar and then those that money gets Used to try to go back to the fraud
Victims but um It's actually kind of Funny because this is a really fun Fantastic Albany is a fantastic Community over there it is a fantastic Name but they don't want us all this Madness they want it all don't they want It over it's like the property we're Trying to buy the the 11 acre land that We made an offer on that uh the Individual is having issues with the Court you know which one I'm talking About Tom that you know uh uh is is Going away for 10 years to jail and we Can't buy this property because it's Held up by the you know it's a very Complex issue so we and the Realtors Locally would like to be able to sell That property because they're going to Get a nice Commission because it's a big Win but this is uh uh very unfortunate But also at the same time I don't blame The folks in Bahamas for wanting to do And the neighboring commercial Properties over there that you're trying To buy they don't want this thing Sitting here no construction equipment And the chain-length fence they're like Somebody please buy this exactly it Hurts yours it hurts your property yeah It just this makes me think of what what We did at the Vault you know we had Robert Kiyosaki there we had a bunch of Speakers there but what was the one John Gentleman from Enron that that we
Interviewed what was his name Andy fast Andy Fastow shout out to Andy Fausto the CFO of Enron and I think it's so Powerful what you do when you bring in These speakers you're bringing these Guys that tell you and give you Motivation and encouragement and Incitement and all that's great but also Let's bring in some people to tell you What not to do right whether it's the CFO of Enron Andy Fastow who was the CFO Of the year then he was showing off his Inmate number the next year which is Pretty intense so you look at this sand Bakeman freed situation and it's like Let's all realize that whatever thing You're doing that is Shady illegal Just downright fraud You're gonna get caught it might be a Year it might be five years it might be Ten years it might be 50 years but I Mean look at Harvey Weinstein or Bill Cosby or like Do You Hear What Eventually you're gonna get caught did You hear what he said that you know why He shouldn't go to prison who's that Bankman free did you hear what he said Have to do with personal responsibility No he said because uh I'm a vegetarian And have ADD no hilarious so what all The craziness taking place I believe Future looks bright if you believe Future looks bright get your latest Future looks bright hat of valutamin it
Says future looks right here future Looks bright here we got them in white We got them in Black we got them in red Our black on black sold out these are About to sell out if you haven't ordered One yet we had a person in Michigan but One then he bought three then when those Three people weren't in the office they Had to order 58 of them because people Wanted the future looks bright hat Especially during times like this Because ain't nobody's saying future Looks bright toward your future looks Bright hat click over here and to watch The entire podcast click here take care Everybody Foreign [Music]
