From The Telegraph:
Jeff Bezos has confirmed he will move from Seattle to Miami, leaving Amazon’s home city after almost three decades as Washington mulls a wealth tax on residents.
Miami, which has no income or capital gains tax, has become increasingly popular among the ultra wealthy in recent years, with Mr Bezos last month paying $79m (£64m) for a seven-bedroom mansion on a private island near the city known as Billionaire Bunker.
In contrast, Washington state has a 7pc tax on capital gains, introduced in 2022, and officials have proposed a 1pc wealth tax on residents with over $250m in assets.
In a post on his Instagram account, Mr Bezos said: “Seattle has been my home since 1994 when I started Amazon out of my garage.
“I’ve lived in Seattle longer than I’ve lived anywhere else and have so many amazing memories here. As exciting as the move is, it’s an emotional decision for me.”
Mr Bezos, 59, will move back to Miami, along with his fiancé Lauren Sanchez, having lived there with his family as a teenager, attending high school in the city.
The billionaire’s rocket company, Blue Origin, is also relocating some of its operations to Cape Canaveral, the US rocket base in Florida.
He will follow his parents to Miami, who also recently moved back to Florida. Mr Bezos’s adoptive father Mike and his mother Jackie spent $78m on two waterfront homes in Florida’s Coral Gables earlier this year.
Mr Bezos said: “I want to be close to my parents, and Lauren and I love Miami. Also, Blue Origin’s operations are increasingly shifting to Cape Canaveral.”
The Amazon founder has bought two adjoining properties on Billionaire Bunker, located on Indian Creek, one worth $79m and another for $68m, creating a vast waterfront estate.
The more expensive of the two mansions has seven bedrooms and 14 bathrooms and also features a wine cellar, home cinema, “endless art walls”, and a sauna.
The properties are located on a private island of just 80 homes – as well as a country club and a golf course.
Mr Bezos’s new neighbours will include Ivanka Trump, the hedge fund billionaire Carl Icahn and American football star Tom Brady.
A string of technology start-ups have made Miami their home in recent years as employees moved away from Silicon Valley following the pandemic.
In a post on Instagram, Mr Bezos shared a video of Amazon’s first “office”, in his garage in Seattle. Mr Bezos stepped down as chief executive in 2021 to focus on his rocket venture.
The company now boasts a vast headquarters in Seattle and is valued at $1.4 trillion, while Mr Bezos himself is worth $160bn, according to Bloomberg data.
Read the article here: https://www.telegraph.co.uk/business/2023/11/03/jeff-bezos-amazon-founder-move-miami-leave-seattle/
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