Mark Zuckerberg and Priscilla Chan are purchasing a newly built waterfront mansion on Miami’s Indian Creek as wealthy Californians increasingly shift assets to Florida amid tax uncertainty.

Meta Platforms CEO Mark Zuckerberg has reached an agreement to purchase a newly completed waterfront mansion on Indian Creek, the highly secured Miami barrier island known as “Billionaire Bunker,” according to people familiar with the transaction, as reported byThe Wall Street Journal.

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The purchase places Zuckerberg among a growing list of billionaires establishing a presence in South Florida as California lawmakers consider a proposed 5% wealth tax on billionaires. The tax would apply retroactively to Jan. 1, 2026, prompting heightened activity in Florida’s luxury real estate market, brokers and attorneys told the newspaper.

Zuckerberg and his wife, Priscilla Chan, are buying the nearly two-acre estate through an off-market transaction, a common practice in Miami’s ultra-high-end property market. The exact purchase price has not been disclosed, though local real estate professionals estimate the home could trade for between $150 million and $200 million. An undeveloped Indian Creek parcel of similar size sold for roughly $105 million last year.

“The 5% tax in California is really driving out people in a major way,” said Miami-based Coldwell Banker Realty agent Danny Hertzberg, according to the Journal. Hertzberg said brokers have been inundated with inquiries from California residents since the tax proposal emerged.

The seller is a limited liability company linked to Peter Cancro, the founder of Jersey Mike’s Subs, people with knowledge of the deal said. Cancro sold a majority stake in the sandwich chain to Blackstone in 2024 for about $8 billion, including debt. It was not immediately clear whether the Indian Creek transaction has formally closed, and Cancro and his wife, Tatiana Cancro, could not be reached for comment.

Zuckerberg already owns high-end properties in Palo Alto, Lake Tahoe, and on the Hawaiian island of Kauai. The Indian Creek purchase marks his most significant foothold in South Florida. Architectural plans by CMA Design Studio show a sprawling waterfront residence with wraparound terraces, blue shutters, landscaped grounds, water features, a private dock, and a pool designed for large gatherings.

Indian Creek has become a hub for some of the world’s wealthiest individuals, including Jeff Bezos and Carl Icahn. Another nearly finished home on the island is currently listed for $200 million, reflecting continued upward pressure on prices. Billionaire auto dealer Norman Braman and his wife, Irma Braman, live next door to Zuckerberg’s new property. Irma Braman told the Journal that Zuckerberg said he plans to move into the home by April.

“We’re happy to have him,” she said.

Source: SGT Report