Meta CEO Mark Zuckerberg Buys 'Billionaire Bunker' Estate As California Tax Shift Looms

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.'

Zuckerberg Buys $150M–$200M Indian Creek Estate

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.

Neighbor Irma Braman, wife of billionaire auto dealer Norman Braman, confirmed to the Journal that Zuckerberg plans to move into the home by April.

California Billionaire Tax Sparks Migration to Florida

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.

Tech Titans Shift Wealth To Florida's Tax-Friendly Haven

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.

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.

Hedge fund billionaire Bill Ackman also responded on X, writing: “California is toast. Self-immolation.”

Photo courtesy: Frederic Legrand – COMEO / Shutterstock.com

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.