Meta CEO Mark Zuckerberg is the latest California billionaire moving to Florida, purchasing a massive waterfront mansion in Miami’s exclusive Indian Creek enclave, a move prompted in part by a proposed 5% wealth tax in California.

Zuckerberg and his wife, Priscilla Chan, are buying a newly built estate on nearly two acres, valued between $150 million and $200 million, according to comparable sales. The reported seller is a limited liability company tied to Jersey Mike’s Subs founder Peter Cancro. While the deal has not been confirmed as closed, neighbors expect Zuckerberg to move in by April, signaling a permanent relocation rather than a vacation property.

Indian Creek, often called the “Billionaire Bunker,” is home to about 41 residences and offers extreme privacy and security. Zuckerberg joins neighbors including Jeff Bezos, Tom Brady, Carl Icahn, Ivanka Trump and Jared Kushner, David Guetta, Julio Iglesias, Jaime Gilinski, and Edward Lampert.

The move comes as California lawmakers push a proposed one-time 5% wealth tax on residents with assets over $1 billion, due in 2027 if approved by voters. The initiative has yet to qualify for the November ballot. Florida offers no state income tax, and luxury real estate agents report a surge of interest from California buyers this year.

“Florida feels predictable. You have a clearer tax picture, fewer hurdles, and a much easier day-to-day,” Ippolito said. “A lot of buyers feel like California treats them like a target. Florida treats them like they belong here.”

Zuckerberg’s estate adds to his existing properties in Lake Tahoe and Palo Alto, California, and Kauai, Hawaii. The Indian Creek mansion features waterfront access, a private dock, wraparound terraces, lush landscaping, a pool, and other high-end amenities.