Sam Bankman-Fried’s defunct crypto exchange FTX owes Jimmy Buffett’s Margaritaville resort nearly $600,000 — more than 10 times what was previously thought — and meanwhile racked up a $400,000 DoorDash tab ahead of its bankruptcy, court papers revealed this week.
In November, FTX’s investment affiliate Alameda Research was reportedly sought after by Margaritaville resort in the Bahamas over a $55,319 bar tab.
But court papers on Wednesday show the oceanside retreat named after Buffett’s hit single is now claiming $599,409 from the crypto hedge fund, according to Insider.
FTX employees reportedly stayed “for weeks or months” in about 20 suites at One Particular Harbour — a luxury tower connected to the main Margaritaville resort, according to Bloomberg.
Resort staffers said workers from the since-imploded firm would pile into a shuttle in the morning and return to Margaritaville after their workday at the company’s Bahamas-based headquarters, according to reports.
FTX’s officers were located on the other side of the island and the trip reportedly took roughly 30 minutes.
Meanwhile, court filings this week also show that investment arm Alameda Research racked up a $400,000 Doordash bill in the months leading up to the crypto giant’s spectacular implosion.
Documents filed in Delaware bankruptcy court on Wednesday revealed an unpaid tab of $403,765 from the food delivery app to FTX entities.
West Realm Shires Services, which manages FTX US, paid a total of $357,526 to DoorDash in May and July of 2022, Insider reported.
Former employees previously told the Financial Times that FTX US was given $200 per day toward DoorDash food delivery, along with free groceries, barbershop pop-up and bi-weekly massages.
The app’s most expensive meal available for delivery to FTX’s Berkeley, California office was a $56 New York strip 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 employee benefit product.”
FTX US made two substantial payments to DoorDash in 2022 with the entity of around 75 employees.
The first payment of $173,000 came in May, followed by another $183,000 in July, according to Axios reports in November.
Alameda Research still has an outstanding Doordash balance of $46,239, court papers show.
Lawyers handling the Chapter 11 case say Bankman-Fried had a $65 billion line of credit as his “personal piggy bank,” which he used to fund spending on real estate and political donations, meaning FTX could not cover all its customer withdrawals.
Bankman-Fried and his associates also utilized company funds to purchase $300 million in luxury real estate in the Bahamas and several high-end properties in the exclusive Albany community, FTX attorneys revealed.
With Post wires