Three Arrows Capital (3AC) hedge fund co-founder Su Zhu is selling a mansion in Singapore for $35 million, noted Dovi Wan, managing partner of Primitive Ventures.

According to the Singapore Land Registry Office, Zhu and his wife Tao Yaqiong purchased a mansion on Yarwood Avenue in Singapore in December 2021 for SGD 48.8 million ($35 million).

In March 2022, the couple safely transferred the house to their three-year-old child.

The 31,000 square meter facility was built in 1990. Known as Good Class Bungalows, these luxury detached homes are designed for Singapore’s elite.

In addition to this, Joo’s wife owns a house worth SGD 28.5 million ($20.4 million) on Dalvey Road in Singapore. The building is currently undergoing renovations. The couple also owns property worth SGD 6.25 million (approximately $4.5 million) at Goodwood Grand on Balmoral Road.

Local media are reporting that the global recession has lowered the prices of luxury bungalows. However, it is noted that the owners of such homes “sell property only if the price meets their expectations.”

Recall that in June, against the background of the collapse of the cryptocurrency market, there were rumors about the bankruptcy of Three Arrows Capital. Trading firm 8 Blocks Capital accused the hedge fund of using client funds to cover margin calls.

Crypto broker Voyager Digital has sent 3AC a notice of default due to non-payment of a loan.

The British Virgin Islands Court ordered the liquidation of the hedge fund and the Monetary Authority of Singapore issued a reprimand for providing 3AC with false information and exceeding the threshold of allowable assets under management.

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