{"id":187409,"date":"2026-03-11T16:24:08","date_gmt":"2026-03-11T16:24:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/187409\/"},"modified":"2026-03-11T16:24:08","modified_gmt":"2026-03-11T16:24:08","slug":"billionaire-howard-schultz-ditches-the-west-coast-for-miami","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/187409\/","title":{"rendered":"Billionaire Howard Schultz Ditches the West Coast for Miami"},"content":{"rendered":"

Howard Schultz<\/a> is the latest billionaire to bite the West Coast dust.<\/p>\n

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The former Starbucks CEO \u2014 worth $6.6 billion, according to Bloomberg \u2014 is leaving Seattle, his home of 44 years, for Miami, he wrote on a LinkedIn post<\/a> on Tuesday.<\/p>\n

“We are enjoying the sunshine of South Florida and its allure to our kids on the East Coast as they raise families of their own,” he said.<\/p>\n

Schultz, who transformed Starbucks from a local coffee chain to a global retailer, stepped down as the company’s CEO in 2023. Their nonprofit, the Schultz Family Foundation, will continue operating from Seattle, while his family office will relocate to Miami<\/a>, he said.<\/p>\n

The announcement came the same day that the Washington state House of Representatives approved a new millionaire tax. The bill proposes a 9.9% tax on household income above $1 million. It still has to pass the state’s Senate and be signed into law.<\/p>\n

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Schultz’s move follows that of several wealthy Californians who have purchased homes in the Sunshine State.<\/p>\n

Over the past few months, entities tied to Google cofounders Larry Page and Sergey Brin<\/a> purchased homes in Miami, spending more than $180 million and $50 million, respectively. This month, Meta CEO Mark Zuckerberg<\/a> broke Miami records by buying a home on Indian Creek for $170 million.<\/p>\n

The three centibillionaires purchased their homes amid a proposed wealth tax in California<\/a> that, if passed, would subject residents with a net worth of more than $1 billion to a one-time 5% tax on their wealth.<\/p>\n

Luxury real estate in Miami neighborhoods like Indian Creek<\/a> and Coconut Grove has reached new heights of late, real estate agents recently told Business Insider.<\/p>\n

“The market ceiling keeps rising,” Ana Bozovic, a founder of Analytics Miami, told Business Insider about prime waterfront neighborhoods.<\/p>\n

She doesn’t see it slowing down anytime soon: “The influx of billionaires from California,” she said, will likely add to the “escalation of the market.”<\/p>\n

Have a tip? Contact this reporter via email at mberg@businessinsider.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Howard Schultz is the latest billionaire to bite the West Coast dust. Loading audio narration… The former Starbucks…\n","protected":false},"author":2,"featured_media":187410,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[123,125,124],"class_list":["post-187409","post","type-post","status-publish","format-standard","has-post-thumbnail","category-miami","tag-miami","tag-miami-headlines","tag-miami-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/187409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=187409"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/187409\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/187410"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=187409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=187409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=187409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}