Record-Breaking $1.5M Purchase of Titanic’s Richest Passenger’s Gold Pocket Watch by Former FTX Europe Head

Acquisition of Titanic Gold Pocket Watch

Patrick Gruhn, former head of FTX Europe, recently acquired a significant piece of Titanic memorabilia – a gold pocket watch that belonged to John Jacob Astor IV, a prominent passenger on the ill-fated ship.

Historical Significance

John Jacob Astor IV, a wealthy American property magnate, was traveling on the Titanic with his wife, Madeleine Astor, when tragedy struck in 1912. Astor’s belongings, including the 14-karat gold pocket watch, were recovered after the ship sank.

Purchase Details

Gruhn used funds from the sale of his companies to purchase the historic timepiece, valuing it at nearly $1.5 million. The watch holds immense historical value and will be displayed in museums for public appreciation.

FTX Europe Settlement and Developments

In July 2023, the FTX bankruptcy estate sought to recover over $323.5 million from FTX Europe’s leadership. As part of a settlement, Gruhn and others repurchased FTX’s European assets for approximately $33 million.

Relocation and New Ventures

Following the FTX incident in 2022, Gruhn relocated to Oregon, where he manages a German Catholic TV network and plans to establish a cryptocurrency derivatives exchange in Europe.

Legal Proceedings and Appeals

Last week, Sam Bankman-Fried filed an appeal against his conviction and 25-year sentence for fraud and conspiracy charges. His legal team requested to keep him at the Metropolitan Detention Center in Brooklyn for access to appellate counsel.

FTX Bankruptcy Estate

The FTX bankruptcy estate aims to initiate repayments to customers by the end of 2024. The process involves collaboration between the Chapter 11 bankruptcy overseen by a Delaware court and the official liquidation of FTX Digital in the Bahamas.