FTX-Linked Charity Puts Historic Wytham Abbey Castle on the Market for £15M
In 2022, the Effective Ventures Foundation made headlines when it purchased the iconic Wytham Abbey, also known as the “Effective Altruism Castle,” for a hefty price of £15 million ($18.7 million). The funds for this grand purchase came from charitable donations, specifically from Open Philanthropy.
This acquisition sparked a debate about the appropriate use of charitable funds for such extravagant purchases. It was revealed that Effective Ventures had financial ties to the FTX Foundation, which was associated with a notorious figure named Sam Bankman-Fried, who had been involved in fraudulent activities.
Despite the controversy surrounding its purchase, Wytham Abbey is now being listed for sale by Charles Elsmore-Wickens of Savills, with an asking price of £15 million. The property’s uniqueness and potential value in the market are being emphasized.
Let’s take a closer look at Wytham Abbey. This magnificent estate covers a vast area of 23 acres and boasts an impressive 27,000 square feet. It features 27 bedrooms and 18 bathrooms. Adjusted for inflation, the property’s purchase price in 2022 would be equivalent to £16.2 million.
Wytham Abbey has a rich history that spans over 500 years. It has played host to several notable figures, including Queen Elizabeth I, Oliver Cromwell, and Queen Victoria. In recent times, it has also served as a venue for discussions on pressing issues like artificial intelligence risks.
However, Wytham Abbey has not been without controversy. Despite receiving financial support from Open Philanthropy, Effective Ventures had also received funding from the FTX Foundation, which was connected to Sam Bankman-Fried. Bankman-Fried had been convicted of fraud and was sentenced to 25 years in prison. However, the foundation has since settled with the FTX estate and returned the $26.8 million it had received from them.
The listing of Wytham Abbey comes at a time when the UK’s prime country house market is experiencing a cooling trend. Prices in this market have seen a 5% dip in the first quarter of 2024 compared to the previous year. Despite these challenges, sellers remain optimistic about the property’s appeal and value in today’s market.
If you’re interested in Wytham Abbey, don’t forget to also check out FTX’s commitment to creditors, as an amended plan of reorganization has been filed. Can Wytham Abbey’s rich history outweigh its recent controversy? We’d love to hear your opinion!