Billionaire Edward Lampert has shelled out a record breaking nearly $40,000,000 for a mansion on Indian Creek Drive on the exclusive Indian Creek Island in Miami-Dade County.

From The Wall Street Journal –

Hedge-fund manager Edward S. Lampert is in contract to buy a home on an island off Florida’s Biscayne Bay for nearly $40 million, according to people familiar with the deal. The price would set a record for a single-family home in the county, local brokers say.

Sears Chairman Edward Lampert is in contract to buy a home on an island off Florida’s Biscayne Bay for nearly $40 million. Brokers say the price would set a record for a single-family home in Dade county. Juliet Chung has details on The News Hub.

The Florida home, which wasn’t on the market, is an Italian-style home on Indian Creek Island, an exclusive enclave of about 33 homes. The coral-colored home has an “arrival court” with formal hedges and a reflecting pool. The home measures about 17,000 square feet, has seven bedrooms and sits on 2.7 acres, according to public records. A spokesman for Mr. Lampert, who lives in Greenwich, Conn., declined to comment.

The would-be sellers are Miami businessman Paul Cejas and his wife, Trudy, who own the property through a trust. The couple bought the land in 1998 and tore down a house to build the mansion.

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  • Joseph

    So Sear Holding is on the verge of financial collapse. They are laying off employees, and forcing others into early retirement, including several friends of mine and giving those who retire early only 25% of their retirement plans and this guy buys a new house that wasn’t even on the market in the midst of this? Wow.




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    • Gene

      That’s crazy ! So effed up !




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    • Chance

      While Sears’s situation is unfortunate, it’s situation has no bearing on his personal fortune or what he does with his money. Sears is going under because no one shops there anymore, not because he decided to spend his money on a house.




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  • george

    I have a problem with the 40 mil price. It seems rather high. Daniel knows that market much better than I do, but I wouldn’t be surprised if the price didn’t include several hundred thousand shares of stock. For his sake I hope it isn’t stock in Sears.




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    • Kenny Forder

      There’s a home on the market for $52 million a couple of doors down and it is 13,000 square feet bigger, so maybe the price isn’t that high for that area.




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      • george

        True, but there is a house in Texas that has been listed for as high as 75 mil over an 8 year period, and is now going to auction with a 10.3 mil minimum. Stupidity, like the flu, spreads easily.




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        • Chance

          The areas aren’t remotely close to being the same. Indian Creek is a private island just off of Miami Beach. Champ D’Or is a monstrosity that was built in the middle of nowhere. Indian Creek is to Miami what Beverly Park is to Los Angeles.




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  • NOVA Ben

    Woooow, that’s silly money.




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    • Kenny Forder

      Silly money indeed! There are SOOOOOO many better homes out there that are currently on the market for LESS than $40,000,000.




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  • Grrrowler

    Nice house, stupid price.

    As Joseph pointed out, it’s ridiculous that someone who has managed to practically drive his company into the ground is still rewarded with enough money to buy a house for this price. Remember when executive compensation used to be tied to performance?




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  • Doug

    In mr Lampert’s defense he is the one that saved sears and Kmart when they were about to go under a number of years ago. And he isn’t involved really in the day to day running of sears, he’s chairman of the board simply because him and his company own a majority. Most of his money comes from his hedge fund.

    I’ll agree though $40 mil seems like a bit much for this house, but it’s hard to judge just by aerial shots.




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  • Nick

    Personally, I’d never buy it albeit the interior it’s beautiful.The reason?I find the exterior really boring.Here’s some pics:

    http://www.architecturaldigest.com/architects/100/axel_vervoordt/vervoordt_slideshow_122005#slide=1




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  • Hugh

    The Miami market is hot

    Nice house




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  • Oliver

    interior is god awful, especially for the price..




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  • Tay

    His Greenwich house is much nicer.




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  • Daniel

    Eh. While Indian Creek is stunning and I would *LOVE* to call it home, I don’t think the home warrants the purchase price. I could see Irwin Tauber’s house on the other side go for that price or the Stoffer residence going for that, but not this place. It’s very nice, but not that nice.




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  • lambskin

    Financially strapped Chicago just gave Sears a huge tax break-guess where the money went?




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