GameStop bought a $44 million beachfront property in Miami
The hedge fund owner, who made global headlines this week because of the GameStop stock sale, bought $44 million worth of beachfront property in Miami.
According to The Real Deal, Gabe Plotkin, founder of Melvin Capital Administration, closed two property sales in the North Bay area in November, with a record sale in December. He now reportedly plans to expand the site.
Plotkin bought the 12,651-square-foot mansion at 6360 North Bay Highway for $32 million. The large mansion has nine bedrooms, 12 bathrooms and 4.5 powder rooms. The adjacent guest house also offers plenty of space to host guests during the day. The pool overlooks 112 feet of water and the Miami coastline. Mr. Plotkin also purchased the home next door at 6342 Noth Bay Highway. The four-bedroom, four-bathroom home was built in 1935 and purchased for $12 million. The house, located on a 24,407-square-foot lot, was sold for demolition.
The two beachfront properties were previously owned by luxury watchmaker Jean Simonian, who bought them in 2019 for more than $10 million each, more than Simonian paid. North Bay Highway, one of Miami Shores’ most exclusive residential areas, has seen a price spike in recent months. The beachfront property, once owned by Pablo Escobar, was purchased in early January for about $11 million.
Plotkin went public this week when it was revealed that GameStop’s inventory has exploded. Taking to the subredditr/wallstreetbets on Reddit, the online game retailer said its inventory had increased by nearly 8,000 percent in six months. gme, which stands for GameStop, hit the news again on Jan. 11 after the company’s board of directors added three executives. Some short sellers have abandoned their positions. Some short sellers abandoned their positions, but Melvin Capital Management continued to reduce the online game retailer’s position. As retail investors concentrated their purchases during the week, the stock continued to rise, reaching an all-time high of $350.
Melvin Capital Management
Melvin Capital Management Inc. finally closed the short sale Tuesday afternoon after suffering huge losses, according to CNBC Research. Melvin Capital manages $13 billion in stocks, including more than 405,000 shares of Amazon and about 20 million shares of L Manufacturers, owner of Bathtub & Physique Works.