South Florida Business Journal
March 5, 2012
AutoNation's Lampert Buying In Indian Creek
Hedge fund manager Edward S. Lampert, who has a major stake in Fort Lauderdale's AutoNation, is buying a 17,000-square-foot estate in Indian Creek, The Wall Street Journal and Bloomberg have reported.
The reported seller is Paul L. Cejas, chairman and CEO of PLC Investments, and his wife, according to Kevin Tomlinson, a VP at One Sotheby's in Miami Beach, who talked with Bloomberg. Indian Creek is one of the most exclusive enclaves in South Florida – it consists of a semi-circular row of houses that are across the street from the Indian Creek Country Club.
Miami-Dade County property records indicate Lampert would be buying a seven-bedroom, 13-bathroom home with 17,785 square feet on 2.71 acres on the west side of the island, which enjoys sweeping views of Biscayne Bay. The total assessed value is $16.58 million.
Lampert owns 55.26 million shares of AutoNation (NYSE: AN) while his ESL Investors LLC owns 6.35 million shares, according to filings on Yahoo Finance. William C. Crowley, president and COO of ESL is on AutoNation's board.
Lampert is also known for holdings in AutoZone (NSYE: AZO) and Sears Holdings (NASDAQ: SHLD). In February, Sears Holdings had to allay concerns that it was running low on cash and announced plans to sell stores that could raise nearly $800 million. Lampert's hedge fund owns 61 percent of Sears' stock, which includes Kmart, reported.
Lampert wouldn't necessarily be buying the most expensive home in Indian Creek. The Coldwell Banker website shows a handful of other listings, including a 10-bedroom, 10-bath home for $60 million; an eight-bed, 10-bath home for $29.5 million; and a lot for $21.9 million.