Thursday, 18 April 2024
Trending

[the_ad_group id="2845"]

Business News

Jeff Bezos bought another Miami mansion for $90 million

Jeff Bezos bought another Miami mansion for $90 million

[the_ad id="21475"]

[ad_1]

Now, Bezos has bought his third mansion on South Florida’s Indian Creek Island, according to a Bloomberg report. The Miami home in this exclusive neighborhood, known as Billionaire Bunker, set him back $90 million. Bezos already owns $147 million worth of property there, split between two mansions. He also owns properties in Washington, Maui, and Beverly Hills. 

But Bezos doesn’t plan to split his time between these three mansions. Instead, he’ll reportedly raze all three properties to build a megamansion, according to Realtor.com. He’ll live at the home he most recently purchased at 28 Indian Creek Island Road while construction is underway. The six-bedroom, 10-bathroom home is more than 15,000 square feet and was most recently sold in 1998 for just $2.5 million, according to Miami-Dade County property records.

Bezos and Amazon didn’t respond to requests for comment from Fortune about the transaction.

Why Bezos moved to Florida in the first place

Bezos announced that the reason behind his cross-country move was to be closer to his parents—and that he and his fiancée, Lauren Sánchez, “love Miami,” according to an Instagram reel. He had lived in Seattle since 1994, when he started his e-commerce empire from his garage. Now he’s worth about $200 billion, according to Forbes.

Aside from family ties, it’s no wonder that Bezos would want to hang on to as much of his money as possible—especially after his blockbuster divorce from MacKenzie Scott, which cost him a whopping $38.3 billion. Bezos joins a roster of ultrawealthy figures who have made the move to Florida likely as a way to save more money in taxes. 

In 2022, Washington’s capital gains tax had reached 7%, while Florida had no capital gains tax. Indeed, the difference between Washington’s and Florida’s capital gains tax rates had already saved Bezos almost $300 million as of mid-February, Fortune previously reported. That was just after Bezos sold 24 million Amazon shares, worth more than $4 billion. Since then, he’s offloaded a total of 50 million shares, netting him $8.5 billion.

“Florida is very, very favorable for someone like Jeff Bezos,” John Pantekidis, managing partner and general counsel at TwinFocus, which manages over $7 billion for ultra-high-net-worth families, told Fortune’s Alicia Adamczyk in mid-February.  “They make it very cost effective for folks like Jeff to live down there. It’s ideal, it’s…

Click Here to Read the Full Original Article at Fortune | FORTUNE…

[ad_2]

[the_ad id="21476"]