Topline

Former Starbucks CEO Howard Schultz has become the latest in a string of billionaires to make the move from the West Coast to Florida, he announced on LinkedIn, after reportedly buying a $44 million penthouse in a Four Seasons residential property.

Starbucks Chairman and CEO Howard Schultz.

Getty ImagesKey Facts

Schultz, who has an estimated net worth of $3.5 billion, said he was moving to Florida from Seattle, where Starbucks is based, after 47 years in the area.

Schultz and his wife, Sheri Schultz, have reportedly purchased a $44 million penthouse at the Surf Club, Four Seasons Private Residences in Surfside, about 15 miles north of Miami.

The 5,500-square-foot residence has five bedrooms and a rooftop terrace, and comes with an oceanfront cabana, the Wall Street Journal reported.

Schultz said the move is part of his retirement plan, and that he and his wife are “enjoying the sunshine of South Florida and its allure to our kids on the East Coast as they raise families of their own.”

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Surprising Fact

The Four Seasons Surf Club residence is reportedly also home to former Sony Music Entertainment CEO Tommy Mottola and his wife, Mexican actress and singer Thalía, and tech entrepreneur Daniel Nadler, who paid $38.2 million for a fully furnished penthouse last year.

Key Background

Schultz joins a handful of billionaires who have moved to Florida in the last six months, most of which have fled California amid a push to implement a one-time, 5% wealth tax on people with a net worth of $1 billion or more. Earlier this year, Meta founder Mark Zuckerberg and his wife, Priscilla Chan, reportedly spent $170 million on a newly built waterfront mansion on Indian Creek Island, dubbed “Billionaires’ Bunker” by locals. Google co-founder Larry Page reportedly spent $173.4 million on two estates in Coconut Grove, an upscale Miami neighborhood, and Sergey Brin is said to have purchased a $51 million mansion on Miami’s exclusive Allison Island from LVMH CEO Michael Burke. Billionaire tech investor Peter Thiel moved his company, Palantir Technologies, from Denver to Miami last month, several years after buying an $18 million estate that was once featured on MTV’s “The Real World.” Amazon Founder Jeff Bezos announced he was leaving Seattle for Indian Creek Island in 2023 and bought a mansion for a reported $79 million. Oracle cofounder Larry Ellison moved to Manalapan, Florida in 2025, years after purchasing a sprawling North Palm Beach mansion with 200 feet of beach access for $80 million. Citadel founder Ken Griffin and billionaire activist investor Carl Icahn also moved to Florida in the last six years.

Big Number

$120 million. That was the most expensive home sale in Miami-Dade County, set by developer Vladislav Doronin last year, before Zuckerberg’s purchase set a new record.

Why Is Florida Attractive To Billionaires?

Several reasons. Perhaps the most significant draw is Florida’s tax policy. There’s no state income tax, which can translate to tens of millions of dollars of savings each year for the super wealthy. Florida also has a relatively pro-business regulatory environment and Miami in particular has become a hub for tech startups, venture capital firms and financial institutions. The area’s super exclusive neighborhoods, including Indian Creek island, provide privacy and security, as well as luxury living and amenities.

Forbes Valuation

Schultz, credited with taking Starbucks from a regional chain to one of the world’s top brands, has an estimated net worth of $3.5 billion. Page, Brin, Bezos, Zuckerberg and Ellison are among the six richest people in the world, with net worths of $253.4 billion, $233.9 billion, $227.5 billion, $224.2 billion and $214.4 billion, respectively. Thiel, who co-founded PayPal, is worth $29.7 billion. Griffin has a $49.8 billion net worth and Icahn is worth $4.1 billion.

Further ReadingForbesLarry Ellison Relocates To Trump’s Palm Beach BackyardBy Phoebe LiuForbesWhy Billionaire Buyers Are Flocking To Palm Beach CountyBy Spencer Elliott