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In the past, Patrick Gruhn, who was at the helm of FTX Europe, made headlines with his purchase of a gold pocket watch recovered from the wreckage of the Titanic. According to The Wall Street Journal, Gruhn paid approximately $1.5 million for the gold pocket watch that was found on the body of John Jacob Astor IV, the richest passenger on the Titanic.
The Most Expensive Titanic Souvenir
This purchase marks a historic moment as it represents the highest amount ever spent at an auction for a piece of Titanic memorabilia. The watch, once owned by Astor, one of America’s leading real estate tycoons, is an important part of the poignant story of the Titanic.
Astor was returning from his honeymoon in Europe with his pregnant wife Madeleine Astor when the disaster occurred in 1912. Despite being extremely wealthy, Astor met a tragic fate. Historical records show that Astor did not board a lifeboat until all women and children were secured on the sinking ship. Astor’s selfless act of staying behind ultimately cost him his life. A week after the Titanic sank, Astor’s body was found in the water along with his 14-karat gold watch, gold, diamond cufflinks, a diamond ring, and a gold pen.
The iconic watch’s new owner, Gruhn, purchased it with funds from his previous ventures and stated that the watch holds sentimental value for him and his wife Maren Gruhn, and they plan to exhibit it in various museums.
Gruhn’s purchase of Astor’s pocket watch became particularly noteworthy as it occurred during a period involving a legal battle surrounding the bankruptcy of FTX Europe. Following a complex series of events, the FTX bankruptcy estate, including Gruhn, attempted to recover over $323.5 million from former executives but settled by repurchasing FTX’s assets in Europe for approximately $33 million by Gruhn and others.
FTX’s Bankruptcy Opens a New Chapter in Gruhn’s Life
After the collapse of FTX in November 2022, Gruhn turned a new page in his life. He moved to Oregon and took on the leadership of a German Catholic TV network while also pursuing ambitious ventures in the cryptocurrency world.
Despite his tumultuous past with FTX, Gruhn has not given up on entrepreneurship. He is currently leading efforts to establish a cryptocurrency derivatives exchange in Europe.
