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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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