A man who earlier this month bought a private-island estate off Key West for $8 million was arrested last week after police say he tried to scam a Kmart out of $300 in fraudulent returns.

Andrew Lippi, 59, of Key West, was arrested on a felony grand theft charge Saturday and released without bail, according to the Monroe County Sheriff’s Office.

Lippi’s name was in the news days earlier in connection with the purchase of the former Knight family estate on Thompson Island.

In addition to other properties, Lippi also owns a 12-bedroom home that was used by MTV to film a season of "The Real World" in 2006, WPLG-TV reported.

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Lippi was accused of making fraudulent refunds involving two coffee makers, two packs of light bulbs and a bed skirt that he purchased at the Key West Kmart on three dates last month and last week, according to the station.

The arrest reports allege that, instead of returning the purchased items, he swapped out one of the coffee makers with a basketball, the other coffee maker with an older model, the light bulbs with other light bulbs and the bed skirt with a pillowcase, the station reported.

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Lippi on Monday denied doing anything wrong, the Miami Herald reported.

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“Basically it has to do with a commercial dispute,” he was quoted as saying.