3AC Founder’s Wife Sells $38.5 Million Singapore Mansion Despite Asset Freeze

The wife of the defunct Three Arrows Capital (3AC) founder, Zhu Su, has reportedly sold a mansion in Singapore for S$51 million (US$38.5 million). This sale occurred despite a court order to freeze some of the couple’s assets.

A property record accessed by Bloomberg showed that Tao Yaqiong, also known as Evelyn, made the deal to sell the property in July and completed the transaction last month. The house is a bungalow on 1,446 square meters of land at Dalvey Road, near the Singapore Botanic Gardens. Records show that Evelyn bought the house in 2020.

3AC was a top crypto hedge fund, founded by Zhu Su and Kyle Davies. The firm collapsed in 2022 after a series of bad decisions amid a declining cryptocurrency market. Su, once known for boasting about buying bungalows in Singapore, saw his fortunes decline. Following the unfortunate 3AC collapse, Su, once famous for boasting on social media about buying all the good-class bungalows in Singapore and turning them into parks and regenerative farming, saw his fortunes nosedive.

About one year after the infamous 3AC collapse, Singapore’s financial regulator imposed a lengthy ban on Su and Davies, prohibiting them from conducting regulated financial activities in the city for nine years. Besides the ban, Su served a brief jail term for failing to cooperate with the authorities over the terms for winding down 3AC.

Read also: 3AC’s Su Zhu To Be Released; Faces Questions on Fund’s Collapse

Following an allegation that 3AC owed creditors about US$3.3 billion, Teneo, the firm’s liquidators, got the court to freeze assets belonging to Su, Davies, and Davies’ wife. One notable asset that Teneo acquired a disposal ban for is a mansion on Singapore’s Yarwood Avenue. Su reportedly bought the property with his wife for S$48.8 million in late 2021 in their role as trustees and sought to sell in 2022.

Teneo also obtained a judgment to dispose of another house owned by Su on Balmoral Road. There are no reports that the property sold by Evelyn was among those frozen by the court.