Marc Lore just sold this house.

Retail’s highest paid executive has decided it’s time to move on from his modest New Jersey abode after pocketing almost $244 million last year.

Marc Lore, president and chief executive officer of Wal-Mart’s U.S. e-commerce operations, has quietly sold his four-bedroom, 2,508-square-foot brick colonial-style house for just under $900,000 in an off-market deal, WWD has learned.

Many might have assumed that Lore lived in an opulent multimillion-dollar mansion, but he and his wife Carolyn actually called the unassuming Mountain Lakes abode home from 2006 when they paid $841,000 for it.

While it is a perfectly nice house, there are certainly no luxurious amenities like a swimming pool or tennis court that you might expect of a high-ranking executive’s home, with an old listing describing a formal dining room with crown molding and a spacious family room that opens out to a patio as stand-out features.

It’s unknown where the longtime New Jersey resident, who grew up in Red Bank, has moved to, but one can only assume he has upgraded to a fancier spread after netting a lot of cash last year when he sold, the discount e-commerce start-up he founded, to Wal-Mart for $3.3 billion.

As part of the deal, he joined the retail giant as president and chief executive officer of U.S. e-commerce, with Wal-Mart paying him a salary of $346,154, as well as incentive pay of $1.1 million last year.

The vast majority of his total compensation, however, were stock awards, which were valued at $242 million and vest over five years, making him the highest paid executive in retail, fashion and beauty for 2016, according to a WWD study of executive pay.

While Wal-Mart’s headquarters are based in Bentonville, Ark., Lore, who juggles the and businesses and is in charge of 13,000 staff, spends much of his time at Jet’s Hoboken, N.J., headquarters.

A spokesperson for Lore declined to comment.

load comments
blog comments powered by Disqus