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IKEA CEO to Step Down; $1M for One Bedroom in Hamptons

STOCKHOLM— IKEA announced that CEO Mikael Ohlsson, who has been with the company since he was 20 years old, will step down next year. Meanwhile, founder Ingvar Kamprad, a multi-billionaire who may be the world's richest man (his stake in IKEA is undisclosed), has reportedly been grooming his three sons to take over larger roles at the big box retailer. [WSJ]

EAST HAMPTON, N.Y.— A cottage just steps from the beach in East Hampton has been listed for, gasp, under $1M. The recently renovated, one-bedroom house does come with a few strings attached, like rules that decree: "no families, no pets, and no children under 12 staying overnight." Ah, the price of fabulousness. [Curbed Hamptons]

NYC— The MoMA Design Store branch in SoHo is putting on an oddly cool collaboration with Lomography. As part of the store's ongoing "Find Something You LoVE" campaign, a photographer armed with a Lomography camera will be snapping pics of shoppers with their favorite designy items from the store all next weekend. [Curbed Inbox]