Saturday, 24 September 2016
Last updated 1 day ago
Jun 6 2012 | 11:24am ET
ESL Investments' Edward Lampert bought Miami's most expensive home earlier this month. And now he's set to move in full time.
Lampert moved his hedge fund to the Florida city at the beginning of the month, the firm said. It is unclear what precipitated the move from Greenwich, although Florida has no state income taxes and a lower corporate income tax than Connecticut.
"ESL Investments notified its partners in April that is was relocating to Miami, Fla., effective June 1, 2012," a spokesman for the $9 billion hedge fund said.
Lampert was famously kidnapped in the tony town in 2003. After the ordeal, thehedge fund manager hired a large security detail.
As a result of the move to sunnier climes, ESL has parted ways with its president and chief operating officer, William Crowley. Crowley, who has been with the hedge fund since 1999 and has been instrumental in the firm's ownership of Sears, was unable to relocate to Florida with the company. It is unclear whether any other ESL staffers also chose not to make the move.