Venerable American retailer Sears has hit tough times, closing 100 to 120 stores to save costs. The hedge fund manager who took over the company, chairman Edward Lampert, is selling 1,200 stores to help ease the cash strain.
In other real estate transactions, Lampert is buying a home on Indian Creek Island with “will set a record for a single family home” in Miami-Dade county according to The Huffington Post. They report Lampert is worth about $3 billion. The island he is moving to is reported by the Wall Street Journal to have the “eighth highest income” of any neighborhood in the United States.
“The estate with seven bedrooms and Versailles-style reflection pools on Indian Creek Island, (is situated) north of Miami,” according to the report.