Sears Boss $40 Million House!

Sears Boss $40 Million House!

Sears Boss $40 Million House!

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He’s not using Sears’ money, he’s using only $40m out of his $3b hedge fund fortune. From all the talk, whether Sears is going under or not, the gossip frenzy is all about Eddie Lampert, Sears Chairman, buying a McMansion vacation home. In this market, he probably got a heck of a deal, and even if he didn’t, is there any reason we should get so excited? Makes good press for those addicted to "Breaking News", but a legitimate gripe? Not really. The super wealthy buy super important homes, cars, vacations and toys. Nothing has changed.

The mega-mansion is located on Indian Creek Island, exclusive and gated with street entry security and boat patrol security. It’s not the largest property on the island and neither is it the most expensive, but when you get into those price ranges, you come to expect the reflecting pool and a lot more. It’s also the only Miami/Miami Beach island with boat patrol security, so that ups the desirability. In the company of about 33 other fab McMansions, he’ll never have to worry about the neighborhood. Considering that most homes in that price range come with more than 17,000sf on 2.7 acres and many more than 7 bedrooms and 13 bathrooms, we’ll have to chalk the price up to location. Of course this is just his vacation home since his permanent residence is in Greenwich, CT. When he’s in residence in Miami, he can look forward to swinging a golf club with the locals such as Carl Icahn and Julio Iglesias, who recently bought there.

If he finds he can’t take the heat on this purchase, we know another great Sotheby's agent in the South of France who could find him twice the estate for the money without any controversy at all! Then he could throw a petanque ball around with Angelina Jolie.

Source: www.forbes.com