The hedge fund manager hardest hit by GameStop’s trading frenzy is in the midst of a major redevelopment of a $ 44 million mega mansion in Miami, though his company lost $ 4.5 billion in the craze , according to a report.
Melvin Capital Management, a short seller, lost 53% in January, ending the month with $ 8 billion in assets, below the approximately $ 12.5 billion, mainly due to online trading driven by the Reddit forum r / WallStreetBets
His company got a $ 2.75 million ransom from hedge fund giants Ken Griffin and Steve Cohen, its former boss, amid speculation that the crash could fail his company.
But as the drama unfolded, Plotkin was already planning a major renovation to combine two adjacent Miami Beach properties he bought at the famous hotspot in November for $ 44 million, according to The Real Deal.
He plans to keep one of the houses, while demolishing the house on the sea side to replace it with equipment tracks, a new 1,316-square-foot cabin, a playground and an open space, the outlet said.
Plotkin, who is worth $ 300 million, according to Forbes, has already applied for permits and his lawyer is expected to appear before the Miami Beach Design Review Board next week, according to The Real Deal.
Among her new neighbors are billionaire hedge fund manager Dan Loeb, as well as Cindy Crawford and Rande Gerber, and Karlie Kloss and Josh Kushner, the media noted.