SBF's Alameda racked up $55,000 Margaritaville debt by snapping up around 20 premium suites for workers, who took bus across tropical island to work, report says




Margaritaville Jimmy Buffett sign
Margaritaville Jimmy Buffett sign  
  • Insider earlier reported how Sam Bankman-Fried's Alameda owed $55,319 to Margaritaville.

  • Employees told Bloomberg that the company used around 20 premium suites for Alameda staff.

  • They stayed there for months at a time and took a half-hour shuttle bus to work.

Sam Bankman-Fried's debt of more than $55,000 to Jimmy Buffett's Margaritaville resulted from the use of around 20 premium suites for Alameda staff, according to Bloomberg.

Insider reported the news last week that the Nassau beach resort was seeking $55,319 from the controversial crypto billionaire, per FTX bankruptcy filings.

Margaritaville is named after Buffett's hit song of the same name, which celebrates a tropical lifestyle. Eight years after the song's release in 1977, Buffett founded a restaurant chain, which later expanded to include hotels and even a $1 billion retirement community in Florida.

Staff at the 4-star hotel told Bloomberg that employees of FTX entities stayed there for several months this year, and were generally friendly.

On weekdays, a shuttle bus took them to and from FTX's head office, a roughly half-hour drive to the opposite side of New Providence island, 13 miles away.

The resort is a similar distance from Albany Marina, the home of Bankman-Fried's $30 million penthouse.

FTX to Margaritaville google maps
FTX to Margaritaville google maps  

The rooms were booked under the name of Alameda, the high-risk trading company that contributed to FTX's bankruptcy.

Employees told Bloomberg that the company had around 20 suites in One Particular Harbour - a high-end building designed for longer stays, next to the main resort.

The resort's online-booking service says it costs $943 a night for a premium residence or $462 for a studio - both of which have ocean views.

Residences can also be purchased, with prices ranging from $365,000 to $6 million, according to Condo Hotel Center.

It advertises One Particular Harbour as "the most luxurious residences in downtown Nassau," which includes an infinity pool, bakery, and fitness center.

It also has its own marina, with 45 slips for boats up to 150-foot long - enough room for Bankman-Fried's multimillion-dollar, 52-foot yacht, according to Fox Business.

A YouTube video uploaded by travel influencers Griff & Alyssa shows inside the rooms, which they describe as a "super luxurious, comfortable spot."

Instead of hangers for housekeeping like most hotels, it has a touch screen with buttons to signal "do not disturb."

One resort employee told Bloomberg that they had plans to go out on the town with friends from FTX, but never had the chance after the firm went bankrupt.

Bankman-Fried and Margaritaville didn't immediately respond to requests for comment, sent outside normal working hours.

COMMENTS

More Related News

Adani Flagship Shelves $122 Million Bond Plan After Market Rout
Adani Flagship Shelves $122 Million Bond Plan After Market Rout

(Bloomberg) -- Adani Enterprises Ltd. has shelved a plan to raise as much as 10 billion rupees ($122 million) via its first-ever public sale of bonds...

UK Stocks Just Hit a Record. That Might Be as Good as It Gets
UK Stocks Just Hit a Record. That Might Be as Good as It Gets

(Bloomberg) -- Most Read from BloombergWhat You Need to Know About the Suspected Chinese Spy Balloon Floating Over the USTrump Offers $1 Million Bond to...

Inside the 19-Hour Meltdown That Junked Adani
Inside the 19-Hour Meltdown That Junked Adani's Share Sale

(Bloomberg) -- A beaming Gautam Adani stood beside Israeli Prime Minister Benjamin Netanyahu on Tuesday, looking relaxed as hundreds of people gathered for...

This Week in China: The World
This Week in China: The World's Best Stocks Need New Buyers

(Bloomberg) -- China's all-or-nothing stock market is losing momentum, after three months of what might be best described as forced buying of a deeply...

The White House Is Concerned About Crypto
The White House Is Concerned About Crypto

The White House published a statement warning about the risks of cryptocurrencies, pointing to last year's various collapses. I spoke to an administration...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy