These are tough times for big business. But not for big businessmen. Take the case of hedge fund billionaire Edward Lampert. While the company that he chairs, Sears Holding Corp., is drowning in losses, Lampert is busy buying a $40 million luxury mansion in Miami, Florida. Located on the ultra-posh Indian Creek Island, this luxury mansion is an Italian-style home spread across 17,000 square feet. This luxury real estate for sale was not listed publicly, but is making headlines post-sale for being the most expensive single family home sale in Miami’s Dade County since 2006. After the recession struck, the biggest sale was a $25.5 million transaction in 2011 by Russian billionaire Roustam Tariko.
Jorge Uribe, a senior VP at ONE Sotheby’s International Realty (which is handling the sale), said about the $40 million luxury mansion, “It’s a significant house in a significant location.” The deal with Lampert is expected to be finalized within the next few weeks. The property is being sold by Miami businessman Paul Cejas and his wife Trudy. The couple carried out many changes on this Indian Creek Island home after purchasing the property in 1998. They tore down the original home and built a neo-Palladian home instead. The couple hired Palm Beach architect Joe Brennan, interior designer Axel Vervoordt and landscape architect Peter Wirtz to carry out the changes. The waterfront luxury mansion houses seven bedrooms, 13 baths, a two-storey portico, a terraced pool area and 400 feet of water frontage.
Once Lampert moves into this Miami mansion, he will have neighbors like supermodel Adriana Lima, singer Julio Iglesias and billionaire investor Carl Icahn. Island Creek Island has only 32 luxury homes, its own mayor, and tight, round-the-clock security.