The hedge fund manager who was hit hardest by the GameStop trade rush is in the midst of a major redevelopment of a $ 44 million mega-mansion in Miami – despite his company losing $ 4.5 billion, according to the report.
Short seller Gabe Plotkin’s Melvin Capital Management lost 53 percent in January – ending the month with $ 8 billion in assets, down from about $ 12.5 billion – mainly due to online trading conducted by the Reddit forum r / WallStreetBets powered.
His business received a $ 2.75 billion bailout from giant Ken Griffin and former boss Steve Cohen amid speculation the crash could bankrupt his company.
But as the drama unfolds, Plotkin is already planning a major overhaul to combine two adjacent properties in Miami Beach that he bought into the celeb hotspot in November for $ 44 million, according to The Real Deal.
He plans to retain one of the homes while demolishing the house along the beach to replace it with amenities, a new 1,316-square-foot cabana, a children’s playground and open space, the outlet said.
Plotkin, who according to Forbes is worth $ 300 million, has already applied for permits and his lawyer is expected to go before the Miami Beach Design Review Board next week, The Real Deal said.
Its new neighbors include billionaire hedge fund manager Dan Loeb, as well as Cindy Crawford and Rande Gerber, and Karlie Kloss and Josh Kushner, the outlet said.