The hedge fund manager hardest hit by GameStop’s trading frenzy is in the midst of a major overhaul of a $ 44 million megamamonion in Miami – even though his company lost $ 4.5 billion to the craze, according to with a report.
Short salesman Gabe Plotkin’s Melvin Capital Management lost 53% in January – ending the month with $ 8 billion in assets, compared to about $ 12.5 billion – largely due to forum-driven online commerce from Reddit r / WallStreetBets.
His company received a $ 2.75 billion bailout from hedge fund giants Ken Griffin and Steve Cohen, his former boss, amid speculation that the crash could bankrupt his company.
But as the drama unfolded, Plotkin was already planning a major renovation to combine two adjacent properties in Miami Beach that he bought at the celebrity hangout in November for $ 44 million, according to The Real Deal.
He plans to maintain one of the houses, while tearing down the adjacent beachfront home to replace it with amenity blocks, a new 1,316 square foot cabin, a playground and an open space, the outlet said.
Plotkin – worth $ 300 million, according to Forbes – has already applied for licenses and his lawyer is due to appear on the Miami Beach Design Review Board next week, The Real Deal said.
His new neighbors include billionaire hedge fund manager Dan Loeb, as well as Cindy Crawford and Rande Gerber, and Karlie Kloss and Josh Kushner, the media noted.