FTX-backed crypto firm Alameda – run by disgraced SBF’s ex-girlfriend – owes more than $55,000 to Jimmy Buffett’s Margaritaville bar in the Bahamas, new bankruptcy documents reveal
FTX-backed crypto trading firm Alameda owes $55,319 to Jimmy Buffett’s Margaritaville beach resort in the Bahamas, the fourth-largest debt for the company founded by Sam Bankman-Fried.
FTX-backed crypto firm Alameda owes more than $55k to Jimmy Buffett’s Margaritaville
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-backed cryptocurrency firm Alameda owes more than $55,000 to Jimmy Buffett’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 Buffett’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)
Buffett’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 Buffett’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 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 Buffett’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 prevalent at FTX despite the pitfalls the company fell into before filing for bankruptcy.
April: FTX founder parties with Bill Clinton, Katy Perry and others
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.’