REUTERS/Peter Morgan PM
- Eddie Lampert, the chairman and former CEO of Sears, has an estimated net worth of $1 billion.
- Lampert owns three homes, including one on the "billionaire bunker" island in Florida, and a $130 million yacht.
- Lampert is a member of the ultraexclusive Skull and Bones society at Yale University.
- In 2003, he was kidnapped and held at gunpoint — and negotiated his way free.
Eddie Lampert, the chairman and former CEO of Sears, has had an eventful career.
With an estimated net worth of $1 billion, Lampert was once hailed as a genius hedge-fund manager and the next Warren Buffett. He's a member of Yale's ultraexclusive Skull and Bones secret society, along with three former presidents, and Treasury Secretary Steven Mnuchin was his college roommate.
He also managed to save Kmart from bankruptcy in the early 2000s, but not before he was kidnapped and held at gunpoint for 30 hours in a Connecticut hotel. He reportedly talked his captors into releasing him, then capped off the Kmart deal a week later.
Now, after Lampert merged Kmart with Sears, the department store is on the brink of liquidation.
Lampert has been criticized for his management of Sears, which he reportedly runs from his sprawling $38 million estate in a wealthy Florida community known as "billionaire bunker." The executive also owns houses in Connecticut and Colorado — not to mention a $130 million yacht.
Read on to see how Sears' embattled chairman made — and spends — his $1 billion fortune.
Eddie Lampert, 56, is the chairman of Sears Holdings, the company that owns Sears and Kmart.
Reuters
Source: Forbes
Lampert's net worth is an estimated $1 billion, and he hasn't been shy about spending: He owns three sprawling homes and a $130 million yacht.
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Source: Business Insider
But Lampert wasn't always this wealthy. Although he grew up in an affluent family in Roslyn, New York, his life changed at age 14 when his father, a successful attorney, died of a heart attack. Lampert helped his family make ends meet by taking jobs at warehouses stocking shelves and packing boxes.
Flickr Creative Commons/John Feinberg
Source: CNN
See the rest of the story at Business Insider
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SEE ALSO: Sears is getting one last chance to save itself from oblivion
DON'T MISS: Inside Sears' death spiral: How an iconic American brand has been driven to the edge of bankruptcy
from Business Insider https://read.bi/2M4Bawu
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