You are hereHuffington Post: Edward Lampert, Sears Holdings Chairman, Buys $40 Million Private Island Home As Sears Shutters Stores

Huffington Post: Edward Lampert, Sears Holdings Chairman, Buys $40 Million Private Island Home As Sears Shutters Stores


March 7, 2012- While Sears downsizes and lays off employees, company chairman Edward Lampert is buying a sprawling estate on a semi-private island.

The billionaire hedge fund manager and chairman of Sears Holdings Corp. is reportedly set to close on a $40 million estate with seven bedrooms and Versailles-style reflection pools on Indian Creek Island, north of Miami. Meanwhile Sears is selling off 1,200 stores and closing 100 to 120 for good, with Florida seeing the most closings of any state.

The $40 million price tag will set a record for a single family home sale in flashy Miami-Dade county, according to the Wall Street Journal, which first reported the news on Friday.

Local real estate agents boast that Indian Creek Island has the "eighth highest income" of any locale in the U.S. Membership to its exclusive country club costs an initial fee of $125,000 plus $10,000 per year.

On the island, Lampert, 49, will rub golf clubs with VIPs like former Miami Dolphins coach Don Shula and singer Julio Iglesias.

To protect the 40-some island-dwellers is a police force of 14 officers, who circle around the island in 24/7 boat patrol, according to real estate agents. All this will be good news for Lampert, worth about $3 billion, who was kidnapped and held for ransom for two days back in 2003.

FULL STORY HERE:

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