Sam Bankman-Fried’s defunct crypto exchange, FTX, owes Jimmy Buffett’s Margaritaville resort nearly $600,000 – greater than 10 times what was previously believed – and meanwhile raised a $400,000 DoorDash card before bankruptcy, court documents revealed this week.
In November, FTX investment firm Alameda Research was reportedly wanted by the Bahamas resort of Margaritaville for a bar card valued at $55,319.
But Wednesday court documents show that the oceanfront retreat, named after Buffett’s blockbuster, is now claiming $599,409 from the crypto hedge fund, according to Insider.
According to Bloomberg, FTX employees stayed “for weeks or months” in about 20 apartments in One Particular Harbor – a luxury tower connected to the major resort of Margaritaville.
According to reports, resort staff said employees at the corporate, which has since imploded, were boarding a ferry within the morning and returning to Margaritaville after a day at the corporate’s headquarters within the Bahamas.
FTX officers were on the opposite side of the island, and the journey reportedly took about half-hour.
Meanwhile, this week’s court documents also show that investment arm Alameda Research raised a Doordash account of $400,000 within the months leading up to the crypto giant’s spectacular implosion.
Documents filed Wednesday in a Delaware bankruptcy court revealed an unpaid tab of $403,765 from a food delivery application to FTX entities.
West Realm Shires Services, which manages FTX US, paid DoorDash a complete of $357,526 in May and July 2022, The informant reported.
Former employees previously told the Financial Times that FTX US received $200 a day for DoorDash food delivery, together with free groceries, a pop-up barber shop and massages every two weeks.
The most costly meal available on the app for delivery to FTX’s Berkeley, California office was a $56 Latest York steak and lobster from Japanese restaurant Hana, according to Insider.
DoorDash confirmed to Insider that FTX US was a customer of “DoorDash for Work, our worker advantages product.”
FTX US made two significant payments to DoorDash in 2022 with an entity with roughly 75 employees.
The primary payment of $173,000 was made in May, followed by one other $183,000 in July. according to Axios reports in November.
Alameda Research still has a outstanding Doordash balance of $46,239, court documents show.
Chapter 11 lawyers say Bankman-Fried had a $65 billion line of credit as a “personal piggy bank” that he used to fund real estate expenses and political donations, meaning FTX couldn’t cover all payouts your customers.
Bankman-Fried and his associates also used company funds to buy $300 million in luxury properties within the Bahamas and a number of other luxury properties within the exclusive community of Albany, FTX lawyers revealed.
With postal wires