Mark Zuckerberg has relocated from California to Florida as the latest high-profile billionaire to establish residence in the state, as debate continues over a proposed wealth tax in the Golden State.
The Meta CEO executive and his wife, Priscilla Chan, are said to be purchasing a new waterfront estate in Indian Creek adjacent to Miami which is known for its privacy and security. The transaction has not been publicly confirmed as closed.
The almost two-acre property is estimated to be valued between $150 million and $200 million. The deal was reportedly conducted off-market similar to many transactions at this price point. The seller is a limited liability company closely connected to Peter Cancro, founder of Jersey Mike’s.
Wealth Tax Proposal in California
Voters in California consider a ballot initiative that would impose a 5% one-time tax on residents obtaining over $1 billion in net worth and Zuckerberg’s move was reported. The proposal has not qualified for the ballot and 875,000 valid signatures are required to proceed.
If the initiative becomes approved, the tax would apply to individuals who were state residents as of Jan.1, 2026, with payments beginning the following year. Taxpayers would be permitted to spread the tax payment over five years with additional costs.
Supporters argue the measure would generate revenue to fund public programs, while it could also encourage wealthy residents to relocate.
Florida’s appeal to high net-worth buyers
Florida does not impose a state income tax which has attached high net-worth individuals. Real estate brokers in South Florida report more interest from California-based buyers from luxury waterfront communities recently.
Indian Creek includes about 40 homes with only a single, guarded entrance. Amazon founder and billionaire Jeff Bezos is also said to be a property owner on the island as well as many other business executives and public figures.
Zuckerberg owns properties in Northern California, Lake Tahoe, and Hawaii. Whether the Florida estate will serve as his primary residence or an addition to his real estate holdings is unclear.
The relocation shows a pattern of wealthy individuals reassessing residency decisions during evolving state tax policies which reveals the fiscal debate intersection with real estate trends at the highest levels of the market.
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