A rich guy in Florida who paid $8 million for a private island last month just got arrested . . . for stealing $300 worth of stuff from Kmart.

According to reports the man had gone through the check out and bought a bunch of household items like a Keurig, light bulbs, etc. Then he allegedly came back to the store to return the merchandise but replaced the actual items in the boxes with junk.

The man claims he did not swap any of the items. He was arrested and set for a court appearance later in April.

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