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Former FTX Executive Lists Private Airport for $2 Million

As the cryptocurrency market experiences a downturn, former FTX executive Ryan Salame has decided to put his private Connecticut airport, Triumph Airfield, up for sale at a price of $2 million, reported by the Hartford Business Journal.

About Triumph Airfield

Triumph Airfield is a 68-acre property located near the Massachusetts border in North Canaan. The property includes a two-bedroom home, three hangars with 13 bays, and a heated maintenance bay with an office and a full bathroom. The airport, built in 1985, features a 3,100-foot-long grass runway.

Lisa Bouchard Hoe from TKG Real Estate in Ghent, New York, is the listing agent for the property. Salame acquired Triumph Airfield in 2021 for $1.2 million from North Canaan Aviation Realty LLC, according to town records.

Legal Issues and FTX’s Real Estate Spending

Salame’s decision to sell the airport follows legal issues related to his position as the former co-CEO of FTX’s Bahamas subsidiary and founder of the American Dream Federal Action super PAC. In September, Salame pleaded guilty to making unlawful campaign donations amounting to tens of millions of dollars, supporting causes endorsed by FTX co-founder Sam Bankman-Fried.

Bankman-Fried, who was recently convicted on felony fraud charges, awaits sentencing, which could include decades in prison. As part of his plea deal, Salame agreed to provide $5.6 million in restitution to FTX debtors and pay $6 million to the U.S. government. Additionally, he must forfeit any property linked to the offense. He is scheduled to be sentenced on March 6.

FTX, once a darling among investors and policymakers, is now a four-letter word, and a significant amount of real estate spending contributed to its decline. Some $243 million of the $7.7 billion that FTX executives spent and is unaccounted for, which was at the heart of Bankman-Fried’s trial, went toward Bahamian real estate, according to the Wall Street Journal.

FTX’s Luxury Real Estate Acquisitions

FTX’s most expensive acquisition was a $30 million penthouse in the Albany, a luxury resort community on the island of New Providence. Records show Salame, who was the president of FTX Property, signed the deed in March, indicating it was a residence for “key personnel.”

A $39.5 million listing for a penthouse in the Albany, identified as the home of Bankman-Fried called “the Orchid,” turned out to be a farce earlier this week. FTX Holdings paid almost $72 million for a total of seven units in The Albany, according to records.

Other luxury properties acquired by FTX, with the signatures of Bankman-Fried, former head of engineering Nishad Singh, and co-founder Gary Wang, were a trio of condos at One Cable Beach. The units ranged in price from $950,000 to $2 million. Bankman-Fried’s parents were also the signatories for one home in the gated community Old Fort Bay.


Orginal article: Link To Article – provided by Kansas City Realtors