From Luxury Mansion to Eco-Farm: The Transformation of Crypto Magnate Su Zhu's Singapore Property
Summary:
The luxurious $36 million Yarwood Avenue property in Singapore, previously owned by crypto businessman Su Zhu, has been turned into an eco-farm by Abundant Cities, a company co-founded by Zhu's wife, Evelyn Tao. The once-residential property, now dubbed "Yarwood Homestead", is producing a variety of products on-site from its transformed gardens and repurposed amenities, including the swimming pool now serving as a natural pond. The transformation occurred after Zhu's hedge fund, Three Arrows Capital, collapsed and he was arrested for disobeying a court order relating to asset recovery.
Singapore's elite Yarwood Avenue is now home to a new eco-farm, once a luxurious mansion that belonged to the cryptocurrency magnate and runaway, Su Zhu. "Yarwood Homestead", as it is now known, is being run by Abundant Cities, an organization co-founded by Zhu's spouse, Evelyn Tao. The once opulent property has been transformed; the verdant gardens have become miniature farmlands, yielding a variety of vegetables, fruits, herbs, fish, and poultry. A total of 36 plots on the front lawn now bear the likes of okra, spinach, beans, kale, sesame seeds, and radishes. The swimming pool has been rejuvenated into a natural pond, teeming with aquatic flora, streams, and an array of fish and shrimp species. It now serves as a venue for private events.
Zhu and Tao acquired the property in March 2022, a purchase ringing up to $36 million. This was swiftly followed by the downfall of Zhu's hedge fund, Three Arrows Capital (3AC), in Singapore. At the crest of the crypto market surge, 3AC reputedly managed digital assets surpassing $10 billion. Post multiple unsuccessful leveraged bets on the Terra Luna ecosystem, the company declared bankruptcy in July 2022 and is now facing creditor claims amounting to $3.5 billion.
Cointelegraph revealed on September 29 that authorities apprehended Su Zhu at Singapore's Changyi International Airport while trying to depart the country. This followed granting of a committal order by a court. Days before this event, Teneo, 3AC's liquidator, secured a committal request in Singapore, accusing Zhu of flouting a court order concerning the retrieval of company assets. For this offense, Zhu was handed a 4-month prison sentence.
Meanwhile, Kyle Davies, Zhu's business partner and a prior US citizen who now holds Singaporean citizenship, also received a four-month prison term. His current whereabouts, however, are unknown. Davies, earlier this year, declared publicly that he was devoid of any "pending lawsuits or regulatory action". The transformed Yarwood Homestead is now labeled the "Tropical R&D Site" by Abundant Cities.
Published At
10/4/2023 6:30:00 PM
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