Zuckerberg joins list of billionaires fleeing California for Florida

Mark Zuckerberg is reportedly under contract to acquire a newly completed waterfront megamansion on Miami’s ultra-exclusive Indian Creek Island — the guarded enclave widely known as the “Billionaire Bunker.” If finalized, the deal would place the Meta founder in one of the most concentrated pockets of wealth and influence in the United States.

Mark Zuckerberg is now the latest billionaire to plant his flag in Miami, reportedly securing a waterfront estate on the ultra-exclusive Indian Creek Island in a deal estimated between $150 million and $200 million — adding to a growing wave of tech and finance billionaires shifting from California to Florida — including Larry Page, Sergey Brin, Jan Koum, Reed Hastings, Peter Thiel, and Jeff Bezos — as the Sunshine State continues drawing the world’s wealthiest away from Silicon Valley.

While the final purchase price has not yet been recorded, market comparables strongly suggest the estate traded between $150 million and $200 million. The property spans roughly 1.8 acres of prime Biscayne Bay frontage and was developed by Jersey Mike’s founder Peter Cancro, who purchased the land for $37 million in 2021 before constructing a custom waterfront compound featuring extensive shoreline, a private dock, and a multi-structure layout designed for security and privacy. The transaction was first reported by The Wall Street Journal.

Indian Creek Island has quietly evolved into one of the most tightly held residential markets in the world, home to figures such as Jeff Bezos, Tom Brady, Ivanka Trump, and Jared Kushner. With only a small number of estates and controlled access to the island, transactions are rare, and new construction opportunities are extremely limited — making each acquisition a signal event within the ultra-luxury market.

The momentum is being fueled in part by a proposed one-time 5% wealth tax targeting individuals with net worths above $1 billion in California. Though not yet confirmed for the 2026 ballot, the measure has already prompted repositioning among Silicon Valley’s richest figures, with Google co-founder Larry Page and others already moving business entities out of California and exploring a deeper presence on Florida’s Gold Coast.

What began as quiet planning among advisors has turned into measurable movement. Google co-founder Larry Page has reportedly shifted multiple business entities out of California and repositioned others across Florida, Delaware, and Nevada, while also acquiring two Miami-area estates totaling more than $173 million. Other high-profile names tied to South Florida’s expanding billionaire footprint include Sergey Brin, Jan Koum, Reed Hastings, and investor Peter Thiel, who has expanded operations in the region.

Real estate brokers and financial advisors report increasing demand from California-based billionaires exploring trophy properties across Miami and Palm Beach, drawn by Florida’s tax structure, lifestyle advantages, and growing concentration of global capital. With California historically home to more billionaires than any other state, even a partial migration could meaningfully reshape where wealth, investment, and influence concentrate in the years ahead.