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

Core Insights - Meta Platforms Inc. CEO Mark Zuckerberg and his wife Priscilla Chan have purchased a waterfront mansion in Miami's Indian Creek, estimated to be worth between $150 million and $200 million [1] - The seller of the property is a limited liability company associated with Peter Cancro, founder of Jersey Mike's Subs, who sold a majority stake in the sandwich chain to Blackstone Inc. for $8 billion in 2024 [2] - Zuckerberg plans to move into the new home by April, as confirmed by neighbor Irma Braman [3] Tax Implications and Migration Trends - The purchase aligns with California's proposed retroactive 5% billionaire tax, effective January 1, which targets net worths exceeding $1 billion, prompting ultra-high net worth individuals to seek tax-friendly states like Florida [4] - Florida's lack of a state income tax offers significant financial advantages for wealthy individuals, contributing to a trend of migration from California [5] - Notable tech figures, including Google co-founder Larry Page and Amazon founder Jeff Bezos, have also relocated to Florida, with Page acquiring approximately $188 million in South Florida properties [5] Real Estate Market Impact - The proposed billionaire tax in California is reportedly driving a significant outflow of wealthy individuals, as stated by Miami real estate agent Danny Hertzberg [6] - Venture capitalist Chamath Palihapitiya highlighted that California's taxable wealth from billionaires has decreased dramatically, falling to under $1 trillion from over $2 trillion due to this exodus [7]