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Lampert Agrees to Buy Mansion in Florida for $40 Million

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March 2 (Bloomberg) -- Edward Lampert, the hedge fund manager who controls Sears Holdings Corp., agreed to buy a mansion on an island off Florida’s Biscayne Bay for almost $40 million, brokerage One Sotheby’s International Realty Inc. said.

The purchase of the 17,000-square-foot (1,600-square-meter) estate, which sits on 2.7 acres (1.1 hectares) and wasn’t publicly listed, probably will be completed in less than 30 days, Kevin Tomlinson, a Miami Beach, Florida-based vice president at One Sotheby’s, said in a telephone interview. The brokerage represented both buyer and seller.

Lampert, 49, is acquiring the seven-bedroom home from Paul L. Cejas, chairman and chief executive officer of PLC Investments Inc., and his wife Trudy, Tomlinson said. The Indian Creek Island mansion, which was rebuilt in the “last couple of years,” has a reflection pool and a so-called arrival court, he said.

Steve Lipin, a spokesman for Lampert, didn’t immediately return a telephone call seeking comment.

Lampert is ranked 117th on the Forbes 400 Richest Americans list, with a net worth of $3 billion as of September.

The Wall Street Journal reported the planned purchase earlier today.

To contact the reporter on this story: Nadja Brandt in Los Angeles at nbrandt@bloomberg.net

To contact the editor responsible for this story: Daniel Taub at dtaub@bloomberg.net