Fewer stores, more houses!
Eddie Lampert — who, as chairman of Sears Holdings, has been selling stores to offset mounting losses at the run-down retail chain of Sears and Kmart stores — is poised to shell out $40 million for a lavish estate on a private island in Florida.
The astronomical price tag for the seven-bedroom, 17,000-square-foot mansion would make it the most expensive single-family home in the history of Miami-Dade County, according to local real-estate agents.
The reclusive hedge-fund tycoon isn’t known for mingling with his fellow fat cats on Wall Street, but he’ll be next door to the tiny island’s private country club, whose members have included billionaire corporate raider Carl Icahn and Saudi oil magnate Sheik Mohammad Al-Fassi.
“All homes offer over 300 feet of waterfront, so you can park pretty much any size boat,” according to one local listing for the exclusive development, known as Indian Creek Island.
A spokesman for Lampert didn’t respond to a request for comment, but the deal is slated to close “within the next couple of weeks,” according to a source.
Lampert, whose net worth is estimated by Forbes at $3 billion, already owns several lavish homes, including an estate in Greenwich, Conn., that overlooks Long Island Sound.
This time, he’s acquiring an Italian-style mansion on a 2.7-acre spread with a spectacular view of Florida’s Biscayne Bay. Out front, there’s an “arrival court” with manicured hedges and a reflecting pool, according to the Wall Street Journal, which first reported the deal yesterday.
Separately yesterday, Sears shares surged nearly 10 percent to $75.96 after the retailer said it will sell three major stores in Canada for $170 million.