Mark Zuckerberg joins billionaire ranks buying property in Miami amid California's wealth tax debate

Mark Zuckerberg, founder of Meta Platforms, reportedly has plans to buy property in Miami's lux Indian Creek neighbourhood, a man-made island in southern Florida's Biscayne Bay known as ‘Billionaires Bunker’, Bloomberg reported, citing a source.

The billionaire tech founder and wife Priscilla Chan will reportedly join a roster of ultra-wealthy names who have moved to Florida — a zero income-tax state — over the past few years.

The exclusive Indian Creek enclave also houses among other big names, Amazon founder Jeff Bezos, NFL superstar Tom Brady, businessman and Donald Trump's son-in-law Jared Kushner and Ivanka Trump, and Wall Street investor Carl Icahn.

A spokesperson for Meta decline to respond, the report added. The news of Mark Zuckerberg buying property in Florida was first broken by The Wall Street Journal.

Mark Zuckerberg's homes: Where does he have property?

According to the Bloomberg report, citing data from the publication's Billionaires Index, Mark Zuckerberg is worth $240 billion, and owns two houses in California — one in the posh Palo Alto neighbourhood, and one in the popular tourist spot of Lake Tahoe. He also owns houses in Washington DC and the island of Hawaii.

Notably, a move to Indian Creek would place Zuckerberg close to United States President Donald Trump's Mar-a-Lago club in Palm Beach, situated 70 miles north of Miami. The billionaire has grown close to Trump during his second term in the White House and has visited the estate multiple times, the report added.

Among Florida's most exclusive enclaves, with tight security limiting access to residents and invited guests. Indian Creek is a man-made barrier island, accessible only via a single, heavily guarded bridge. The affluent neighbourhood boasts 40 lots, its own 18-hole golf course, and has its own police force.

In December 2024, the New York Post reported that an unidentified seller was demanding $200 million for an empty waterfront lot adjacent to Jeff Bezos' property.

Billionaires fleeing to Florida for no-tax status?

The report said it was unclear if the Florida property purchase would mean change in permanent residence or simply an addition to the billionaire's real estate portfolio. Notably, however, the report comes even as California, which has been the primary residence of many Silicon Valley billionaires, is debating a one-time wealth tax on unrealized gains.

Among those that have vocally opposed the so-called “billionaire tax” include David Sacks and Peter Thiel — who have both also left California.

The report further noted that south Florida has seen an influx of ultra-wealthy tech executives from California over the recent weeks. Google’s co-founders Sergey Brin and Larry Page have both bought homes in Miami — a $50 million home on Biscayne Bay; and three homes in the Coconut Grove neighborhood for combined $190 million, respectively, it said.

California has proposed a one-time 5% tax on those with more than $1 billion in net worth to cover funding shortfalls for health care, education and food assistance. However, the union-backed ballot measure is yet to gather enough signatures to qualify for the November ballot.

(With inputs from Bloomberg)