Patrick Gruhn, the former head of FTX Europe, has made headlines by paying nearly $1.5 million at auction for a gold pocket watch recovered from the body of John Jacob Astor IV, the richest passenger aboard the Titanic. This watch, which is now the most expensive piece of Titanic memorabilia ever sold, holds a significant historical value as it belonged to Astor, an American property magnate who tragically perished in the 1912 disaster.

Astor, who was returning from a European honeymoon with his pregnant wife, Madeleine Astor, met his fate when the Titanic struck an iceberg. Despite being one of the wealthiest passengers on board, Astor was instructed by an officer to wait for all women and children to board lifeboats before he could join his wife. Sadly, his body was found a week later in the frigid waters, along with the watch, cuff links, a ring, and a pencil.

Gruhn, who funded this purchase with proceeds from selling his companies, has stated that he bought the watch for his wife, Maren Gruhn, with the intention of displaying it in museums. This acquisition comes amidst a tumultuous period for Gruhn, as he was recently involved in the FTX bankruptcy saga, where he and others agreed to repurchase FTX's European assets for a fraction of the total amount sought for recovery.

Despite his troubled past with FTX, Gruhn has since relocated to Oregon and is now involved in running a German Catholic TV network while also working on establishing a crypto derivatives exchange in Europe. This latest acquisition of the Titanic watch showcases his continued interest in historical artifacts and dedication to preserving such pieces for future generations.