GameStop short-seller Gabe Plotkin plans expansion of Miami Beach estate

He’s seeking approval to add a tennis court, cabana and children’s playground to the waterfront property

Miami /
Jan.January 28, 2021 01:30 PM
Gabe Plotkin with a photo of his Miami Beach home and renderings of the planned expansion (Photography by Ina Cordle, renderings via CFZ Design)

Gabe Plotkin with a photo of his Miami Beach home and renderings of the planned expansion (Photography by Ina Cordle, renderings via CFZ Design)

Melvin Capital Management founder Gabe Plotkin, a major short-seller of GameStop, is proposing to knock down one of the Miami Beach homes he purchased last year and expand his waterfront property.

A throng of rookie investors on Reddit drove up the stock price of GameStop, resulting in massive losses for Melvin Capital. Plotkin told CNBC this week that the hedge fund closed out its position in GameStop and disputed claims that Melvin Capital would be filing for bankruptcy. The Wall Street Journal reported Monday that Steve Cohen’s Point72 Asset Management and Ken Griffin’s Citadel are pumping $2.75 billion into Melvin Capital.

Plotkin paid $44 million for the two adjacent homes at 6342 and 6360 North Bay Road in November, The Real Deal revealed last year. Now, he’s planning to knock down the 1935 house that he bought for $12 million and replace it with a lighted tennis court.

Plotkin’s attorney is expected to go before the Miami Beach Design Review Board next week. Plans filed with the city show that Plotkin plans to keep the mansion at 6360 North Bay Road and replace the waterfront house next door with amenity courts, a new 1,316-square-foot cabana, a children’s playground and open space.

Plotkin is seeking variance requests related to the light poles for the tennis court, side setbacks and the construction of a storage area.

High-end home sales along North Bay Road have soared in recent months. Plotkin’s new neighbors include billionaire hedge fund manager Dan Loeb, Cindy Crawford and Rande Gerber, and Karlie Kloss and Josh Kushner.






    Related Articles

    arrow_forward_ios
    Marc Gardner with his new Miami waterfront house. (Bancard, One Sotheby's)
    Putting it on a credit card? North American Bancard CEO buying Miami Beach mansion for $37M: sources
    Putting it on a credit card? North American Bancard CEO buying Miami Beach mansion for $37M: sources
    Steven and Farrel Starker with 114 West San Marino Drive, Miami Beach (Getty, Google Maps)
    Investment banker buys waterfront Venetian Islands teardown for nearly $10M
    Investment banker buys waterfront Venetian Islands teardown for nearly $10M
    A rendering of the Byron Carlyle Cultural Center, Jared Galbut and Keith Menin (Miami Beach City Commission, Google Maps)
    It’s curtains for Galbut family-led proposal to redevelop Byron Carlyle Theater
    It’s curtains for Galbut family-led proposal to redevelop Byron Carlyle Theater
    James Star and The Caribbean at 3737 Collins Avenue in Miami Beach (Photos via Google Maps; Chewy)
    Finance mogul linked to Crown family buys Miami Beach penthouse and cabana for $13M
    Finance mogul linked to Crown family buys Miami Beach penthouse and cabana for $13M
     Matthew Whitman Lazenby with 7825 Atlantic Way (Blue Ocean Photography, iStock)
    Bal Harbour Shops owner upgrades to oceanfront estate in Miami Beach
    Bal Harbour Shops owner upgrades to oceanfront estate in Miami Beach
    46 Star Island Drive (Google Maps)
    Iacovelli finds a buyer for his Star Island mansion once asking $65M
    Iacovelli finds a buyer for his Star Island mansion once asking $65M
    Westime owner Jean Simonian and Washington Park Hotel. (Facebook via Westime and Washington Park Hotel)
    Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
    Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
    Don Peebles and the Bath Club (Getty, Peebles Corp.)
    Judge slaps Don Peebles’ Bath Club Entertainment with $1M in sanctions
    Judge slaps Don Peebles’ Bath Club Entertainment with $1M in sanctions
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...