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The hedge fund manager hit hardest by the GameStop trading frenzy is in the middle of a major redevelopment of a $44 million mega-mansion in Miami — despite his company losing $4.5 billion in the mania, according to a report.
Short-seller Gabe Plotkin’s Melvin Capital Management lost 53 percent in January — ending the month with $8 billion in assets, down from roughly $12.5 billion — largely because of online trading propelled by the Reddit forum r/WallStreetBets.
His firm got a $2.75 billion bailout from hedge fund giants Ken Griffin and Steve Cohen, his former boss, amid speculation the crash could bankrupt his company.
But as the drama unfolded, Plotkin was already planning a huge renovation to combine two adjacent Miami Beach properties he bought in the celeb hotspot in November for $44 million, according to The Real Deal.
The site of Gabe Plotkin’s mega-mansion seen at 6360 North Bay Road in Miami.Google Maps
He plans to keep one of the homes, while knocking down the waterfront house next door to replace it with amenity courts, a new 1,316-square-foot cabana, a children’s playground and open space, the outlet said.
Plotkin — who is worth $300 million, according to Forbes — has already applied for permits and his attorney is expected to go before the Miami Beach Design Review Board next week, The Real Deal said.
6360 and 6342 North Bay Road, Miami, seen from an overhead view.
Google Maps
6360 and 6342 North Bay Road, Miami, seen from an overhead view.
Google Maps
An outside view of 6342 North Bay Road, Miami is seen.