Former FTX Europe Head Sets Record with $1.5M Purchase of Titanic’s Richest Passenger’s Gold Pocket Watch
Patrick Gruhn, the former head of FTX Europe, has acquired a gold pocket watch from the Titanic for nearly $1.5 million, marking the highest amount ever spent at auction on a piece of Titanic memorabilia.
The watch belonged to John Jacob Astor IV, an American property magnate who was among the wealthiest passengers on the ill-fated ship, as reported by The Wall Street Journal .
Astor was traveling on the Titanic with his pregnant wife, Madeleine Astor, following their European honeymoon.
When the ship struck an iceberg in 1912, an officer informed Astor that he could not board a lifeboat until all women and children were safely evacuated.
Sadly, a week later, Astor’s lifeless body, along with his personal belongings, including the 14-karat gold pocket watch, cufflinks, a diamond ring, and a gold pencil, were recovered from the water.
Patrick Gruhn revealed that he used funds obtained from the sale of his companies to purchase the historic timepiece for his wife, Maren Gruhn.
The couple intends to display the watch in museums, allowing others to appreciate this significant artifact from the Titanic’s tragic voyage.
According to news on May 2, Patrick Gruhn, the former head of European business of the cryptocurrency exchange FTX, bought a gold pocket watch that survived the sinking of the Titanic for a sky-high price of 1.175 million pounds (about 1.5 million U.S. dollars) last Saturday. ,… pic.twitter.com/Pq1582Ynnz
— Jill (@Jill_yan1) May 2, 2024
In July 2023, the FTX bankruptcy estate sought the recovery of over $323.5 million from the leadership of FTX Europe.
As part of a settlement, Gruhn and other parties agreed to repurchase FTX’s European assets for approximately $33 million.
Gruhn stated that he was
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