Today is the 3rd of April, 2026, and Surfside, Florida, is buzzing with news of high-profile real estate transactions. Recently, Howard Schultz, the former Chairman and CEO of Starbucks, made headlines by purchasing a stunning penthouse at the Four Seasons Surf Club Residences for a cool $44 million. Schultz and his wife, Sheri, are relocating to Florida for their ‘retirement phase’ after nearly half a century in Seattle. The luxurious penthouse boasts five bedrooms, a rooftop terrace, a central courtyard, a private garage, and even an oceanfront cabana, making it a perfect retreat for the couple.
The penthouse was initially listed at $55 million, but it seems Schultz snagged a deal. The Four Seasons Surf Club has become a haven for high-net-worth individuals and business leaders, offering a lifestyle replete with luxury amenities and resort-style living. As real estate agent Mick Duchon from The Corcoran Group pointed out, the appeal of this exclusive location is undeniable, especially given Florida’s favorable tax climate compared to states like Washington.
The Billionaire Exodus
This trend of relocating to Florida is not just a whim for Schultz; it reflects a larger movement among billionaires seeking greener pastures. The state’s lack of a state income tax and capital gains tax has made it particularly attractive for wealthy individuals. In fact, many billionaires, including Google cofounders Larry Page and Sergey Brin, have recently left California to avoid the impending wealth tax there. Schultz, whose net worth is $3.4 billion, joins the ranks of notable figures such as Meta CEO Mark Zuckerberg and Amazon founder Jeff Bezos, who have also purchased properties in Florida.
The proposed California Billionaire Tax Act aims to impose a one-time tax of 5% on billionaires residing in the state, which has spurred a rush to relocate before the January 1, 2026, deadline. This has led to a notable increase in demand for luxury properties in Miami, as seen with Zuckerberg’s acquisition of a $170 million mansion and Bezos’s trio of properties totaling over $230 million on Indian Creek Island. Florida’s real estate market is booming, with many billionaires investing millions in ultra-high-end properties.
Political Climate and Real Estate Demand
The trend isn’t limited to just a few high-profile relocations. Political developments in other states, such as New York, are also contributing to this exodus. Newly elected socialist Zohran Mamdani plans drastic tax increases for the wealthy, prompting fears of a mass migration of affluent residents to states like Florida. Real estate agents are reporting a surge in inquiries from clients looking to leave New York City, which is already home to a staggering number of millionaires.
Experts suggest that this movement could signal a significant shift in the landscape of wealth in America. With companies and private developers considering relocating to places like Miami and Boca Raton, the implications for local economies are profound. The trend of wealthy individuals moving to Florida’s ‘Wall Street South’ appears set to continue, as the state offers not only favorable tax conditions but also an appealing lifestyle.
In conclusion, as Howard Schultz and others make their new homes in Surfside, Florida, the state is poised to become a central hub for the wealthy looking to escape rising taxes and seek a more favorable living environment. With its luxurious offerings and appealing climate, Florida is undoubtedly redefining the landscape for high-net-worth individuals.
For more information on Howard Schultz’s recent purchase and the broader trends in luxury real estate in Florida, you can visit the original report on National Today and further insights on billionaires relocating in Fortune.