Billionaire Avoids Taxes by Fleeing to Florida! Miami Mansion Listed at 700 BTC Highlights Real Estate Shift

California elites are shifting to Florida to avoid taxes, with a Miami mansion listed at 700 BTC ($49 million). Zuckerberg moved from California to the Indian Creek community in Miami, where neighbors include Bezos, Brady, and Kushner. Palihapitiya states that California billionaire wealth has decreased from over $2 trillion to less than $1 trillion.

The New Wealth Language of a $700 BTC Mansion Listing

(Source: Grant Cardone)

California’s tech and crypto elites are increasingly turning their attention to Florida, viewing it as an attractive alternative with favorable tax benefits. Grant Cardone recently posted an advertisement on Twitter selling a 10,000-square-foot mansion in Miami with 7 bedrooms, listed at 700 Bitcoin, highlighting the growing intersection between Bitcoin wealth and luxury real estate.

At current prices of about $70,000 per Bitcoin, 700 BTC equals approximately $49 million. While pricing a luxury home in Bitcoin is not unprecedented, it remains rare and symbolic. It reflects several converging trends: Bitcoin’s maturation as a store of wealth, increased acceptance of crypto assets among high-net-worth individuals, and Miami’s branding as a crypto-friendly city.

Pricing in Bitcoin offers advantages such as attracting crypto billionaires’ attention, demonstrating the seller’s openness to emerging assets, and potential tax optimization (crypto transactions can sometimes be more flexibly taxed than fiat). However, actual transactions may still need to be converted to fiat currency, as U.S. real estate laws are primarily dollar-based. The 700 BTC figure is more a marketing gimmick and valuation anchor than a practical currency for the deal.

Three Key Considerations in Bitcoin Luxury Real Estate Transactions

Price Volatility: The USD value of 700 BTC fluctuates with Bitcoin’s price swings.

Tax Implications: Using Bitcoin to purchase property may trigger capital gains taxes.

Legal Framework: Title registration, loans, and insurance are still based on USD.

The listing coincides with a wave of high-net-worth individuals relocating from California to South Florida. Meta CEO Mark Zuckerberg and his wife Priscilla Chan are among the latest billionaires to move from California. Reports indicate they are purchasing a new waterfront mansion in Miami’s Indian Creek community.

$2 Trillion Wealth Exodus from California

This move comes amid concerns over a proposed billionaire tax in California. According to Canadian-American venture capitalist and SPAC pioneer Chamath Palihapitiya, after several high-profile figures announced their departure, California’s taxable billionaire wealth has fallen from over $2 trillion to less than $1 trillion.

The loss of $2 trillion in wealth is catastrophic for California’s finances. The state relies heavily on taxes from high earners, with the top 1% contributing about 50% of income tax revenue. Although billionaires are few, their high income and capital gains make them vital to the state’s revenue. Mass departures could create a huge shortfall, forcing cuts to public services or increased taxes on middle class.

Palihapitiya criticized California’s handling of the proposed tax, arguing that middle-class residents would bear the fiscal burden left by relocating billionaires. He said, “These people pay over 13% in state income tax every year, and until a few weeks ago, they had no complaints.” Experts describe the billionaire tax plan as “counterproductive in the most shocking way, triggering a chain reaction of economic and corporate headquarters relocations.”

California’s top marginal state income tax rate is 13.3%, the highest in the U.S. In contrast, Florida has no state income tax, meaning that for billionaires, the 13.3% difference can save hundreds of millions or even billions annually. For example, a billionaire earning $1 billion a year could save about $133 million in state taxes by moving to Florida. Such savings could cover moving costs, new luxury homes, or even support some business operations remaining in California.

California vs. Florida Tax Comparison

State Income Tax: California up to 13.3% vs. Florida 0%

Capital Gains Tax: California taxed as ordinary income (up to 13.3%) vs. Florida 0%

Estate Tax: Neither state has state estate tax (federal only)

Property Tax: Similar in both states, around 1%

CNBC’s Brian Sullivan points out that companies often follow their CEOs’ moves, meaning Meta employees could also relocate to Florida, effectively enjoying the lower income tax. This “headquarters migration” chain reaction could cause California to lose not only billionaires but entire companies and their tax contributions. The hollowing out of Silicon Valley is becoming a reality.

Miami as a Crypto and Wealth Paradise

Local real estate agents report a significant surge in demand for ultra-luxury properties. Danny Hertzberg of Coldwell Banker Miami says that since California announced plans to tax billionaires, interest in Miami’s high-end market has increased markedly. The Wall Street Journal quotes Hertzberg saying, “California’s 5% tax is seriously driving people away.” (Note: this 5% likely refers to the proposed billionaire wealth tax, not income tax.)

Miami’s crypto-friendly stance is another major attraction. Mayor Francis Suarez is a strong supporter of cryptocurrency, proposing to pay city employees in Bitcoin, allowing residents to pay taxes with Bitcoin, and allocating part of city reserves into Bitcoin. While these proposals face legal and technical hurdles, they send a strong welcoming signal to the crypto industry.

Additionally, Florida’s regulatory environment for crypto companies is relatively relaxed. Although a Money Transmitter License is required, it’s easier to obtain than New York’s BitLicense. Many crypto startups and exchanges are establishing headquarters or regional offices in Miami, further boosting the city’s industry cluster.

In times of political and tax uncertainty, Bitcoin and decentralized assets serve as tools for wealth preservation and appreciation. For billionaires, holding Bitcoin is not just an investment but also a means of wealth transfer and privacy protection. Converting assets from fiat (stocks, real estate) into Bitcoin, then moving to cold wallets or offshore custody, can help evade certain tax tracking and asset freezes. While this “crypto tax avoidance” strategy may not always be legal (depending on specific operations), its feasibility is a key motivation for billionaires to focus on crypto.

Reportedly, the seller is a limited liability company associated with Peter Cancro, founder of Jersey Mike’s Subs. Although the deal has not been publicly confirmed, The Wall Street Journal cites neighbors estimating Zuckerberg plans to move in before April 2026. Other notable residents of Indian Creek include Jeff Bezos, Tom Brady, and Jared Kushner/Ivanka Trump. This “billionaire enclave” is transforming Miami into a new hub of wealth.