Howard Schultz on a penthouse terrace, looking out at the ocean.
Former Starbucks CEO Howard Schultz is starting his retirement in style, having recently purchased a $44 million penthouse at the Four Seasons Surf Club Residences in Surfside, Florida. The move comes as Washington state, where Schultz previously resided, introduces a controversial “millionaires tax.”
The penthouse, initially listed at $55 million, features five bedrooms, a rooftop terrace, a central courtyard, a private garage, and an oceanfront cabana. Schultz and his wife, Sheri, relocated from Washington state after nearly half a century, marking a new chapter after Schultz’s tenure at Starbucks began in 1982.
Mick Duchon of The Corcoran Group noted that the Four Seasons Surf Club is attracting high-net-worth individuals due to Florida’s business-friendly environment and lack of state income tax. The property has a rich history, once frequented by Winston Churchill and the Rat Pack, and now offers modern amenities such as dining by three-Michelin-starred chef Thomas Keller and a state-of-the-art spa.
Washington state’s new 9.9% income tax on households earning over $1 million annually has been a catalyst for wealthy individuals to move to states like Florida, according to Duchon. The Four Seasons Surf Club provides an attractive landing spot with its exclusivity, security, and service.
The trend of wealthy individuals and companies relocating to Florida has been gaining momentum, with Miami emerging as a hub for American capital and culture. The luxury real estate market in Miami remains strong, with high-net-worth individuals willing to spend more to secure the properties they desire.
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