FTX-Backed Charity Foundation Offers Oxford Castle’s “Wytham Abbey” for Sale at £15M
Wytham Abbey, an impressive manor located near Oxford, is now up for sale for £15 million ($18.7 million). This historic property, also known as the “Effective Altruism Castle,” gained attention when it was purchased in April 2022 by Effective Ventures Foundation, using funds from Open Philanthropy.
The acquisition of this lavish property using charitable funds raised concerns and caused controversy. Furthermore, it was discovered that Effective Ventures received financial backing from the FTX Foundation, which is associated with Sam Bankman-Fried, a convicted fraudster.
Despite these controversies, Wytham Abbey is now listed for £15 million through the listing agent Charles Elsmore-Wickens of Savills. The property is highlighted for its unique features and potential value. It spans 27,000 square feet and includes 27 bedrooms, 18 bathrooms, and sits on 23 acres of land. Adjusting for inflation, the purchase price from 2022 is now equivalent to £16.2 million.
With a rich history dating back over 500 years, Wytham Abbey has hosted notable visitors such as Queen Elizabeth I, Oliver Cromwell, and Queen Victoria. In recent times, Effective Ventures utilized the abbey as a venue for discussions on pressing topics, including the risks associated with artificial intelligence.
Despite receiving financial support from Open Philanthropy, Effective Ventures also received funding from the FTX Foundation, linked to Sam Bankman-Fried, who is currently serving a 25-year prison sentence for fraud. In response to the controversy, Effective Ventures reached a settlement with the FTX estate and returned the $26.8 million received from the foundation.
The listing of Wytham Abbey comes at a time when the UK’s prime country house market is experiencing a cooling trend, with prices decreasing by 5% in the first quarter of 2024 compared to the previous year. However, the sellers remain optimistic about the property’s appeal and value in today’s market.