In what may be the biggest ever winner in the “bad timing” awards, The Real Deal reports that Gabe Plotkin was last seen proposing to knock down one of the Miami Beach homes he purchased last year and expand his waterfront mansion.
According to the RealDeal, “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.”
There’s just one problem: Plotkin’s $13 billion Melvin Capital, or rather Melvin Half Capital, just lost $7 billion, or 53% of his capital, to a bunch of teenagers in under a week. And despite a $2.75 billion rescue financing from Citadel and Point72 (which is supposedly already underwater), the fund is now facing a deluge of redemption requests which will almost certainly end Plotkin’s career – READ MORE
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