Former Starbucks CEO Howard Schultz Quits Seattle and Moves to Florida—After ‘Spending $44 Million’ on Miami Penthouse

Billionaire—and former Starbucks CEO—Howard Schultz has reportedly splashed out $44 million on a sprawling Florida penthouse after making the decision to permanently ditch his longtime base of Seattle in favor of a relocation to the Sunshine State.

His announcement came on the same day that the House in Washington approved a proposed income tax bill that would affect anyone living in the state who earns $1 million or more.

The bill, which will now be sent to the Senate, would see the state's wealthiest residents facing a 9.9% tax on annual income over $1 million. It passed the House in a tense 51-46 vote after a 13-hour debate, according to Axios.

Schultz, 72, made no mention of the tax when he announced his move in a post on his LinkedIn page on March 10, the same day he is said to have closed on the purchase of a palatial property inside an oceanfront building in the tony Miami community of Surfside.

According to the Wall Street Journal, the former Starbucks executive and his wife, Sheri, have purchased a five-bedroom unit in the Surf Club, Four Seasons Private Residences, a luxurious building that overlooks the ocean.

Despite the extraordinary price tag attached to the penthouse sale, Schultz and his spouse did in fact get the dwelling for something of a steal—at least when compared to the sky-high $55 million asking price it was initially listed with in November 2024.

Records show that the ask was lowered to $49.9 million in October 2025, five months before the unit was sold.

Just as the sale of the property closed, Schultz took to LinkedIn to announce that he and his spouse had relocated to Florida, having spent the past four decades residing in Seattle, where Starbucks is headquartered.

Schultz recalled the moment that he and Sheri arrived in Seattle from New York City, revealing that they traveled across the country with their beloved golden retriever, Jonas, in their 1979 Audi, before settling down in Washington—where his wife was initially the "breadwinner in the family."

"And I started a new job on Sept. 7, 1982, at a place called Starbucks. Back then, the Pike Place Starbucks only sold whole bean coffee. Today, it’s the most visited Starbucks in the world," he wrote.

While noting that he and his wife still hold a very close personal connection to Seattle, he said that they chose Florida as their new base because of its balmy weather and its proximity to the East Coast, where their children live.

"For those of you who know us well, we have entered the 'retirement' phase of our lives (a term we are both just getting used to)," he went on. "Last year we traveled to dozens of places around the world—places we were too busy to see when building Starbucks and raising kids. 

"And we have moved to Miami for our next adventure together. 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 confirmed that the couple have moved their family office to Florida—adding that their charitable organization, the Schultz Family Foundation, will remain headquartered in Seattle, where it will be overseen by "our dear friend Vivek Varma."

"We will be forever grateful for the memories made in Seattle and the relationships built along the way. To the family, friends and partners who made Seattle our home for so many years, thank you," he concluded.

With the move, Schultz joins a growing list of billionaires who have relocated to Florida in recent months. Many, including Sergey Brin, Mark Zuckerberg, Larry Page, Peter Thiel, and David Sacks, had previously been based in California—with their relocations to the Sunshine State seemingly motivated by a desire to escape a proposed billionaire tax that is currently being weighed by the Golden State.

While Schultz would not have been affected by the billionaire tax, which will see anyone with a net worth of $1 billion or more whose primary residence was located in California on Jan. 1, 2026, being subjected to a one-time wealth tax of 5%, he will likely enjoy many lucrative benefits as a result of his move to Florida.

Not only would Schultz have been affected by Washington's proposed millionaire tax—which would go into effect in 2028 if it is approved by the Senate and signed into law—he will also benefit significantly by Florida's lack of income tax on residents.

After Amazon CEO Jeff Bezos announced in 2023 that he and his wife, Lauren Sanchez Bezos, were relocating their primary residence from Washington to Florida, it was estimated by CNBC that he was likely going to save "at least $610 million."

Schultz—whose net worth is estimated at around $3.5 billion, according to Forbes—will likely not make quite such significant savings as Bezos, who has an estimated net worth of $228.8 billion, he still stands to benefit financially from his move.

The former Starbucks exec has not yet revealed what he plans to do with his longtime Seattle mansion, which he and his wife are understood to have purchased in 1997.

Located inside the exclusive Madison Park community, the expansive abode overlooks Lake Washington and sits on a 1.9-acre parcel.

According to property records, the dwelling is currently not on the market—nor has it been publicly listed since it last traded hands for $3.4 million nearly 10 years ago. The mansion is currently registered to an LLC.