$4.5 million donation to FTX Foundation before it shut down: used to purchase a luxury estate from the Renaissance period

According to a report by Forbes, the FTX Foundation donated $4.5 million last year to the European Summer Program on Rationality ESPR, a Czech education non-profit organization. The money was used to purchase a luxury estate in the Czech Republic with a history dating back to the Renaissance period.

FTX Foundation

The FTX Foundation was established in 2021 and reportedly shut down its official website in mid-December 2022 following FTX's bankruptcy. The foundation describes itself as:

The FTX Foundation is a charitable organization aimed at finding the most effective solutions to the world's most pressing issues. We provide donations, investments, and other means to improve global issues such as health, infectious diseases, animal abuse, climate, etc. The foundation's funding mainly comes from SBF and FTX executives.

Its mission also includes SBF's altruism and claims to allocate 1% of FTX's revenue to charitable causes.

According to the archived webpage of the FTX Foundationhere, it claims to have donated $190 million to over 100 projects.

Chateau Hostacov Renaissance Castle Estate

Chateau Hostacov, established in 1297, was renovated in 2007 to become a hotel with 17 rooms, including facilities such as a pool, tennis court, etc. It has a 4.7-star rating on Google Maps but is permanently closed.

Prior to its closure, the FTX Foundation did not disclose this donation. According to Irena Kotikova, former chair of the Czech Effective Altruism Association, the money was donated to the Czech non-profit organization European Summer Program on Rationality (ESPR).

Out of a total donation of 1.07 billion Czech crowns, approximately 80 million crowns (around $3.5 million) were used to acquire the company owning the Chateau Hostacov estate. Kotikova stated that she was not employed by ESPR but was responsible for the estate project.

Regarding the handling of this asset, Kotikova mentioned after FTX's bankruptcy:

ESPR is currently unable to return the property or funds as we have yet to understand if there are any legal mechanisms in place to return the funds to FTX and compensate the users who lost their assets in a trustworthy manner.

She also responded to Forbes, stating that she cannot confirm the exact source of the initial donation and is unsure if the asset is subject to the bankruptcy proceedings.