Mark Zuckerberg has joined the list of prominent tech figures investing in Florida real estate, as more billionaires seem to be moving away from California, according to recent reports.
Zuckerberg and his wife, Priscilla Chan, have reportedly acquired a property in Indian Creek, Miami, with an estimated sale price ranging from $150 million to $200 million.
The property is being sold by a limited liability company connected to Peter Cancro, the founder of Jersey Mike’s.
This residence is situated on a small island in Indian Creek, where billionaire car dealer Norman Braman also resides. Braman’s wife shared with the Journal that Zuckerberg intends to relocate to Miami by April.
“We’re happy to have him,” she expressed.
This new acquisition adds to Zuckerberg’s already impressive portfolio, which includes luxurious homes in Palo Alto, Lake Tahoe, and Kauai.
Real estate professionals in Miami are noting a surge of Californians actively seeking ultra-luxury properties. Notably, Google co-founder Larry Page has recently bought multiple properties in the area for approximately $188 million, while Sergey Brin is also negotiating a $50 million purchase in Miami Beach.
This shift in property ownership comes at a time when California legislators are proposing a one-time 5% “millionaires tax” to help fund a struggling healthcare system impacted by federal budget cuts.
Page has also moved some of his business interests out of California, aiming to avoid new taxes.
Real estate agents speculate that California’s potential new taxes are driving wealthy individuals toward tax-friendly states like Florida.
“California’s 5% tax is really displacing people on a large scale,” remarked Danny Hertzberg, a Miami real estate agent, to the Journal.
Governor Gavin Newsom has criticized the billionaire tax, dismissing it as a “poorly designed initiative” that has already significantly affected the state.
