Buyer Of $44M Miami Beach ‘Dream Home’ May Have Just Lost Billions Shorting Gamestop

A buyer who paid a combined $44 million for two adjacent properties on Miami Beach’s North Bay Road may just have lost billions in the stock market.

There’s also another Miami connection to the story.

Gabriel Plotkin purchased 6360 North Bay Road and 6342 North Bay Road in November, for a total of $44 million.

Shortly thereafter, Plotkin applied to demolish a nearly 80-year-old home on one of the properties and replace it with a tennis court, in order to build what his lawyers said was his dream home.

Plotkin’s Melvin Capital Management began suffering serious losses this month after being targeted by members of Reddit’s Wall Street Bets community. They managed to drive up Gamestop’s market cap by billions after noticing Melvin’s short position in the company.

It isn’t clear exactly how much Plotkin’s firm lost, but the firm got a $2.75 billion bailout this week from Citadel and Point72, two other hedge funds.

Melvin previously managed $13 billion and had lost 30% as of last week, according to Bloomberg (those losses likely accelerated greatly this week).

Bailout provider Citadel is run by Ken Griffin, who has spent $95 million in recent months buying a home and adjacent properties on Star Island.

Citadel is also said to be looking to lease 80,000 square feet of office space in Miami.

Ironically, Citadel is likely profiting off investors using the Robinhood platform, where many of the smaller traders who helped create Plotkin’s massive losses have accounts. Citadel pays Robinhood for order flow, which helps them to profit from investors with that firm.

 

 

13 Comments
most voted
newest oldest
Inline Feedbacks
View all comments
Anonymous
7 months ago

WSB should collectively buy it from him and put a Gamestop in its place.

Anonymous
7 months ago

I am happy to be continuing my part to screw this guy! DONT STOP. WONT STOP. GAMESTOP!

Anonymous
7 months ago

Does anybody really give a damn about his losses? Easy come and easy go.

Anonymous
7 months ago

this brought tears to my eyes. so sad.

Anonymous
7 months ago

Too bad he won’t lose a dime – just his investors & clients moneyyyyy.

Anonymous
7 months ago

FUCK THE BEARS AND FUCK MELVIN CAPITAL!!

Anonymous
7 months ago

And to think this all started with a small reddit group wanting to troll the billion dollar hedge funds lolll.. well this is what wall street gets when its sole purpose is to send stocks zero, and therefore crushing the market cap of the company and reaping in the rewards. Rinse, and repeat with all the rest of the zombie companies that are in danger of failing due to market shifts/pandemic. And now they’re demanding the SEC change the rules/regulations because of this, pathetic lol. A big FU is what the little guys are doing. LMAO good for them.

Pierre S.
7 months ago

Not small. It was a large group of dupes and trolls who, in this spectacular moment of luck and courage, collectively came together to fuck up a couple companies, and fleeces tens of thousands of other internet types.

Anonymous
7 months ago

Awesome!

Anonymous
7 months ago

Is this newsworthy ? Are we supposed to feel sorry for him ?

Anonymous
7 months ago

💎🤚🏼✋🏼💎🦍🦍 💫🛸

Anonymous
7 months ago

Can’t stop the Game stop! Gabe

Anonymous
7 months ago

LOL GameStop is to 2021 what RadioShack was to 2011. It only still exists because they’re are so many locations.