Gabe Plotkin Melvin Capital

Game Stop Short-Seller Lately Bought $44 Million of Miami Beach Property

The proprietor of the hedge fund that made worldwide headlines this week in relating to GameStop stock trading is the recent purchaser of $44 million worth of Miami Beach property.

As stated by The Real Deal, Melvin Capital Management creator Gabe Plotkin closed the deal on two properties in the North Bay area in November, whereas the sale was recorded in December. He now reportedly has strategies to expand the estate.

For $32 million, Plotkinselected up a 12,651-square-foot manor at 6360 North Bay Road. The huge estate boasts nine bedrooms, 12 bathrooms plus four half-bathrooms. It moreovercontains an adjacent guest-house with amply of room to entertain plus host overnight guests. The pool oversees 112 feet of water frontage with visions of Miami Beach. Plotkinmoreover bought its neighbor by 6342 Noth Bay Road. The 4-bedroom, 4-bathroom household was constructed in 1935 plus sold for $12 million. Sitting on a 24,407-square-foot lot, the house was promoted as a tear-down.

Gabe Plotkin

Gabe Plotkin found himself in the public eye this week owing to the controversy above the rise of GameStop’s stock price. Afterward garnering support from Reddit’s r/wallstreetbetssubreddit, the video game seller saw its stock increase about 8,000 percentage in six months. GME, the stock abbreviation for GameStop, selected up once over on January 11 after declaring three additions toward its board of directors. As retail investors targeted the stock in purchasing this week, the stock continued to increase to an unprecedented $350 price point.

CNBC reports that Melvin Capital Management ultimately closed out of its short-stock place on Tuesday afternoon afterward allegedly taking a vast loss. Melvin Capital manages $13 billion, by holdings counting more than 405,000 shares of Amazon plus about 20 million shares of Bath and Body Works proprietor L Brands.