FTX-backed crypto firm Alameda – run by disgraced SBF’s ex-girlfriend – owes more than $55,000 to Jimmy Buffet’s Margaritaville bar in the Bahamas, new bankruptcy documents reveal
- FTX-backed crypto trading firm Alameda owes $55,319 to Jimmy Buffet’s Margaritaville beach resort in the Bahamas
- It’s the fourth biggest debt of the company, which along with FTX was founded by disgraced former CEO Sam Bankman-Fried
- Bankman-Fried famously held a star-studded party in the Bahamas in April prior to the catastrophic fall of his companies
- Along with Margaritaville, Alameda owes more than $4.6 million or Amazon Web Services and hundred thousands more to various law firms around the world
- FTX and Alameda, which was run by Bankman-Fried’s ex-girlfriend, have both filed for bankruptcy in a move that has shaken up the crypto market
FTX-backed cryptocurrency firm Alameda owes more than $55,000 to Jimmy Buffet’s Margaritaville beach resort, based in the Bahamas.
Although names were redacted from FTX‘s top 50 creditors list, the bankruptcy documents did reveal creditors to Alameda, which was run by disgraced founder Sam Bankman-Fried’s ex-girlfriend, Caroline Ellison.
According to the documents, Margaritaville is owed $55,319, the fourth-largest debt for Alameda, which crashed following the fall of FTX as the company declared bankruptcy, Business Insider reports.
The tab echoes the claims of a party culture that thrived at FTX, which is also based in the Bahamas and once held a star-studded event in the Caribbean island with tickets selling at $3,000-a-head.
FTX-backed crypto trading firm Alameda owes $55,319 to Jimmy Buffet’s Margaritaville beach resort. It’s the fourth biggest debt of the company, which along with FTX was founded by Sam Bankman-Fried (left) and run by his ex-girlfriend, Caroline Ellison (right)
The four-star resort located on the Bahamas’ Nassau beach (pictured) featuring a sprawling system of pools, restaurants, bars and a 5,000-square-foot work area
The resort belongs to the Margaritaville singer (above), whose sprawling bar and resort empire includes a $1 billion retirement community in Florida
Along with Margaritaville, Alameda owes more than $4.6 million or Amazon Web Services and hundred of thousands more to various law firms around the world
Buffet’s Margaritaville resort in the Bahamas opened last year, the latest in the singer’s bar and hotel venture that has grown to include a $1 billion retirement community in Florida.
The four-star hotel lies on the beach in Nassau, featuring a sprawling system of pools, restaurants, bars and a 5,000-square-foot meeting area for those on working vacations.
The most expensive suite, the presidential suite, costs more than $3,300 per-night. Drinks at the bar vary, with a popular bottle of prosecco going for $62.
The resort did not immediately respond to DailyMail.com’s request for comment.
Along with spending thousands at Buffet’s resort, Alameda’s biggest debt comes from Amazon Web Services, which is owed more than $4.6 million.
The company also owes nearly $170,000 to two Australian-based law firms, Herbert Smith Frehills and Piper Alderman Law, which helped establish a subsidiary of FTX trading.
Also owed was Bloomberg Finance with a bill of $120,304; the MaxLaw Global law firm for $33,975, and the Kim and Cheng Korean law firm for $25,281.
Many on Twitter were quick to poke fun at Alameda’s Margaritaville debt
Many on social media were quick to mock the Margaritaville tab as the latest controversy for the sinking FTX and Bankman-Fried.
One Twitter user named Owen, wrote: ‘Jimmy Buffett never seeing that 50k omg.’
Derek Fox, another Twitter user, made up parody lyrics to Buffet’s 1977 tropical hit, Margaritaville, where the franchise gets its name.
‘Wasted $50k away in Margaritaville FTX? Less like a bank, more like a joke. Some people will say it was a Ponzi by name, but I know Crypto’s all a pig in a poke.’
Fellow Twitter user Bruce Templeton appeared to poke fun at Bankman-Fried, who had tried to pass the buck on FTX’s failure to his ex-girlfriend.
‘Let he who has not racked up a massive bill at a bar called Margaritaville cast the first stone,’ Templeton wrote.
The Margaritaville is the latest example of the party culture that was alive and well in FTX despite the pitfalls the company fell into before filing for bankruptcy.
FTX founder Sam Bankman-Fried meets Katy Perry, Bill Clinton, Tony Blair and the Prime Minister of the Bahamas, Philip Davis, at the Crypto Bahamas event organized by FTX
Orlando Bloom, who attended with popstar partner Katy Perry, shares a joke with Sam Bankman-Fried at the Crypto Bahamas event
After the day’s talks, guests were able to party alongside stars like Perry, Bloom and Aoki
The crypto CEO whose troubled FTX sparked market panic: Hoodie-wearing vegan once worth ‘$25BILLION’ who sleeps four hours a night
Sam Bankman-Fried, a vegan who sleeps four hours a night, had become a public face of crypto money, with a personal fortune estimated at nearly $25 billion, which according to Forbes magazine has since shrunk to $16.6 billion.
The success of FTX allowed the platform to forge prestigious partnerships, notably with American football legend Tom Brady and former supermodel Gisele Bundchen, and it featured comedian Larry David in a Super Bowl television advertisement.
Almost always appearing with a hoodie and a dark T-shirt, Bankman-Fried has pledged to donate almost all of his fortune to his favored causes, like animal welfare and the fight against global warming.
The son of Stanford Law School professors and a graduate of the elite Massachusetts Institute of Technology (MIT), he worked as a broker on Wall Street before turning to cryptocurrencies in 2017.
Bankman-Fried moved the company to the Bahamas, where taxes are almost nonexistent, saying the Caribbean nation is ‘one of the few countries that has a comprehensive licensing regime for cryptocurrencies and cryptocurrency exchanges.’
He has been a vocal advocate for smoother access to the crypto market for the general public, particularly in the United States.
In April 2022, hosted Crypto Bahamas at the Grand Hyatt Baha Mar, a luxury hotel on the island.
The event was a partnership between FTX and SALT, a leadership and networking forum chaired by Anthony Scaramucci, who briefly served as White House Communications Director under Donald Trump.
Crypto Bahama’s main schedule of events started the following day, which began with ‘sunrise yoga’ on the Baha Mar’s luscious ‘Palm Lawn’, which boasts picturesque ocean views.
At night, ticketholders mingled with Perry and Bloom, or partied into the small hours with rowdy live shows from DJ Steve Aoki and One Direction star Liam Payne.
The Bahamas event was held near FTX’s Bahamas office, where Bankman-Fried lived with nine of his acolytes, including Ellison, 28.
Ellison, a Harry Potter fanatic whose father is an esteemed academic, was CEO of Alameda Research, the trading firm launched by Bankman-Fried which is inextricably tied to FTX’s downfall.
The entire operation has been described as being ‘run by a gang of kids in the Bahamas’.
Scrutiny over their operation also revealed Ellison once made a viral post on social media about using amphetamines.
‘Nothing like regular amphetamine use to make you appreciate how dumb a lot of normal, non-medicated human experience is,’ she tweeted on April 5, 2021.
Ellison did not elaborate which amphetamine drug she had taken, only that it helped motivate her to get out of her house and decide what to eat quickly.
Amphetamines can be prescribed against Attention-deficit Hyperactivity Disorder (ADHD).
This is not the first time amphetamines have been linked to FTX’s top brass, as a 2020 episode of the Listen Notes podcast resurfaced recently, with Bankman-Fried admitting he experimented with the drug.
‘In general, probably half of all people or more should be taking meds of some kind, because they just make your life a lot better,’ Bankman-Fried said of Adderall, a common amphetamine prescription drug.
He likened to the drug to no ‘different than coffee.’
Ellison served as CEO of Bankman-Fried’s crypto trading house Alameda Research, with both their companies filing for bankruptcy last week after FTX’s crash
Ellison did not elaborate which amphetamine drug she had taken, only that it helped motivate her to get out of her house and decide what to eat quickly