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Meta Platforms Inc. (NASDAQ:META) CEO Mark Zuckerberg and wife Priscilla Chan purchased a waterfront mansion on Miami’s Indian Creek, also known as the ‘billionaire bunker.’
The nearly 2-acre property is estimated to trade for $150 million to $200 million, according to local real estate agents cited by The Wall Street Journal.
According to the report, the seller is a limited liability company tied to Jersey Mike’s Subs founder Peter Cancro, who sold a majority stake in the sandwich chain to Blackstone Inc. (NYSE:BX) for $8 billion in 2024.
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Neighbor Irma Braman, wife of billionaire auto dealer Norman Braman, confirmed to the Journal that Zuckerberg plans to move into the home by April.
The timing is in line with California’s proposed retroactive 5% billionaire tax, which would take effect on January 1 and apply to net worths over $1 billion.
For ultra-high net worth individuals, Florida’s zero state income tax offers substantial savings.
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Google co-founder Larry Page also purchased approximately $188 million in South Florida properties, while Amazon.com Inc. (NASDAQ:AMZN) founder Jeff Bezos relocated to Indian Creek in 2023.
Sergey Brin, another Google co-founder, has also moved or re-registered multiple business entities out of California, joining his co-founder Page in scaling back ties to the state amid the proposed billionaire wealth tax.
“The 5% tax in California is really driving out people in a major way,” said Danny Hertzberg, a Miami real estate agent at Coldwell Banker Realty, told the Journal.
See Also: Why Billionaires Like Warren Buffett Prefer Real Assets Over Speculation—Institutional Real Estate Is Now Accessible to Individuals
Venture capitalist Chamath Palihapitiya, a vocal critic of the billionaire tax, posted on social media that “California’s total taxable wealth from billionaires has plummeted to well under $1T from over $2T” following the exodus.
With Zuck’s move to Florida, California’s total taxable wealth from billionaires has plummeted to well under $1T from over $2T just a few weeks ago.
The loss of this tax revenue was totally avoidable but is now forever. All because Gavin Newsom stood motionless as this stupidly…
Hedge fund billionaire Bill Ackman also responded on X, writing: “California is toast. Self-immolation.”
California is toast. Self-immolation.
Photo courtesy: Frederic Legrand – COMEO / Shutterstock.com
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This article Meta CEO Mark Zuckerberg Buys ‘Billionaire Bunker’ Estate As California Tax Shift Looms originally appeared on Benzinga.com
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