Source: Fortune
Summary
Jeff Bezos sold his Hunts Point mansion in Washington for $63 million in spring 2025, setting a state record. The sale occurred a year and a half after he and his wife, Lauren Sánchez Bezos, moved to Miami. Washington Governor Bob Ferguson signed a 9.9% tax on income above $1 million, set to take effect in 2028. The tax, part of Initiative 645, faces a potential repeal in November. Bezos, now worth $365 billion, has spent $237 million on Miami properties, including a three-home compound on Indian Creek. The mansion, previously owned by art collector Barney Ebsworth, was bought in 2019 for $37.5 million.
Our Reading
The numbers tell one story.
Bezos left Washington before the new tax hit.
He sold his home for a $25.5 million profit.
The tax is set to start in 2028, but its future is uncertain.
High earners are moving to states with no income tax.
Author: Evan Null
Jeff Bezos and the Art of Leaving Before the Tax Hits
Jeff Bezos made a strategic exit from Washington just before the state introduced a new tax on high earners. The sale of his Hunts Point mansion for $63 million came just over a year after he and his wife moved to Miami. The move was likely influenced by Washington’s new 9.9% tax on income above $1 million, which is set to take effect in 2028. Bezos, one of the world’s richest people, has been buying up property in Florida, where there is no state income tax.
The mansion, purchased in 2019 for $37.5 million, was sold for $63 million, a profit of $25.5 million. It was previously owned by Barney Ebsworth, a noted art collector. Bezos and Sánchez Bezos now live in a three-home compound on Indian Creek, a private island in Miami. The move was partly motivated by a desire to be closer to his parents, though financial considerations likely played a role.
Washington’s new tax is part of a broader trend of states trying to target high earners. The tax, which would affect about 30,000 taxpayers, is set to begin in 2028, but its future is uncertain due to a pending ballot initiative. The state Supreme Court has also been deadlocked on the wording of the ballot language, which warns that repeal would mean cuts to education and health care.
Bezos’s move to Miami has been accompanied by a shift in his business operations. His aerospace company, Blue Origin, is increasingly based in Florida. The state’s lack of a personal income tax has made it an attractive location for high-net-worth individuals. Florida’s real estate market has seen a surge in demand from the ultra-wealthy, with properties like Indian Creek becoming highly sought after.
Bezos’s decision to sell his Seattle home and relocate highlights the growing influence of tax policy on the movements of the ultra-rich. As states continue to experiment with new ways to fund public services, the response from high earners will be closely watched.
The Tax That Didn’t Stick
Washington’s new tax on high earners is facing a tough road. While it was signed into law in March 2025, it is now up for a vote in November. Initiative 645, which would repeal the tax, has strong support from business groups and wealthy residents. The tax is set to take effect in 2028, but its survival is uncertain. The state Supreme Court has been deadlocked on the wording of the ballot language, which warns that repeal would mean cuts to education and health care.
The tax is part of a broader effort by Washington to generate more revenue. It is the state’s first income tax in over 90 years and is designed to target the top 0.3% of earners. However, it has drawn criticism from business leaders and wealthy residents who argue that it will drive investment and talent out of the state. The debate over the tax has become a key issue in the upcoming election.
Bezos’s move to Florida may be a sign of what’s to come for other high earners. With no state income tax, Florida has become a magnet for the wealthy. The state’s real estate market has seen a surge in demand, with properties like Indian Creek becoming highly sought after. Bezos’s $237 million investment in Miami properties highlights the appeal of the state for the ultra-rich.
The tax is also facing legal challenges. A lawsuit arguing that it is unconstitutional is still pending. The outcome of the case could have a major impact on the future of the tax. If the court rules in favor of the plaintiffs, the tax may be struck down before it even takes effect.
As the debate over the tax continues, it remains to be seen whether Washington will be able to implement a new revenue source without driving away its wealthiest residents. The situation underscores the growing tension between state governments and the ultra-rich, as both sides try to navigate the challenges of funding public services in an increasingly unequal society.
The Move to Miami and the Future of Seattle
Jeff Bezos’s move to Miami has been widely seen as a strategic decision. The city has become a hub for the ultra-wealthy, with a growing number of high-net-worth individuals choosing to relocate there. Bezos, who has spent decades in Seattle, has now made Florida his new home. His decision to move was partly motivated by a desire to be closer to his parents, but financial considerations likely played a major role.
Seattle, once the heart of Bezos’s empire, has seen a rise in housing costs and tax burdens. The city has become one of the most expensive housing markets in the country, with average home prices exceeding $8 million. The introduction of new taxes, including the capital gains tax upheld by the state’s high court, has made the city less attractive for high earners. Bezos’s move to Miami reflects a broader trend of the wealthy relocating to states with more favorable tax policies.
Bezos’s new home in Miami is part of a larger pattern of wealth concentration in the state. The Indian Creek area, where he now lives, is known as the “Billionaire Bunker” and is home to some of the wealthiest people in the world. Other celebrities, including Tom Brady and Ivanka Trump, have also chosen to live there. The area’s exclusivity and security make it an attractive destination for the ultra-rich.
Bezos’s decision to move has also had an impact on his business operations. His aerospace company, Blue Origin, is increasingly based in Florida, with operations shifting to Cape Canaveral. This move aligns with the state’s growing role in the space industry. Florida’s tax policies and business environment have made it an appealing location for high-tech companies and wealthy individuals alike.
As more high earners consider moving to states with more favorable tax policies, the future of cities like Seattle remains uncertain. The challenge for state governments is to find a balance between generating revenue and retaining the talent and investment that drive economic growth.
The Wealthy and the Taxman
The story of Jeff Bezos and his move to Miami is part of a larger trend in which high earners are increasingly looking for ways to minimize their tax burdens. With the introduction of new taxes in states like Washington, the wealthy are finding themselves at a crossroads. Some are choosing to relocate to states with more favorable tax policies, while others are exploring ways to structure their finances to reduce their tax liability.
Bezos’s decision to sell his Seattle home and move to Florida highlights the growing influence of tax policy on the movements of the ultra-rich. As states continue to experiment with new ways to fund public services, the response from high earners will be closely watched. The outcome of the vote on Washington’s new tax will be a key indicator of how the wealthy will react to such measures.
The tax debate is also raising questions about the role of the state in funding public services. With the rise of the ultra-wealthy, traditional sources of revenue are becoming less effective. States are looking for new ways to generate income, but the challenge is to do so without driving away the very people who contribute the most to the economy.
Bezos’s move to Florida is just one example of how tax policy can shape the lives of the wealthy. As more high earners consider relocating, the impact on local economies and public services will become increasingly apparent. The situation underscores the growing tension between state governments and the ultra-rich, as both sides try to navigate the challenges of funding public services in an increasingly unequal society.
The future of tax policy in states like Washington will be shaped by the responses of high earners. Whether they choose to stay, move, or find other ways to minimize their tax burdens will have a major impact on the ability of states to fund essential services. The outcome of the vote on the new tax will be a key test of how the wealthy will respond to these challenges.
The Billionaire’s Exit Strategy
Jeff Bezos’s decision to sell his Seattle home and move to Florida is a clear example of how tax policy can influence the movements of the ultra-rich. With the introduction of a new tax on high earners, Bezos saw an opportunity to minimize his financial exposure. The sale of his $63 million mansion came just over a year after he and his wife relocated to Miami, a state with no personal income tax.
The move was not just about avoiding taxes. Bezos also cited a desire to be closer to his parents, but the financial implications of the new tax in Washington likely played a major role. The state’s new 9.9% tax on income above $1 million is set to take effect in 2028, and its future is uncertain due to a pending ballot initiative. Bezos’s decision to move now may be a way to avoid the potential impact of the tax.
The tax is part of a broader trend in which states are trying to generate more revenue by targeting high earners. Washington’s first income tax in over 90 years is designed to affect the top 0.3% of earners, but it has drawn criticism from business leaders and wealthy residents. The debate over the tax has become a key issue in the upcoming election, with the outcome likely to shape the future of tax policy in the state.
Bezos’s move to Florida also reflects the growing appeal of the state for the ultra-wealthy. With no personal income tax, Florida has become a magnet for high-net-worth individuals. The Indian Creek area, where Bezos now lives, is known for its exclusivity and security, making it an attractive destination for the wealthy. The state’s real estate market has seen a surge in demand, with properties like those on Indian Creek becoming highly sought after.
As more high earners consider relocating to states with more favorable tax policies, the future of cities like Seattle remains uncertain. The challenge for state governments is to find a balance between generating revenue and retaining the talent and investment that drive economic growth. Bezos’s move is just one example of how tax policy can shape the lives of the wealthy, and the outcome of the vote on Washington’s new tax will be a key indicator of how the wealthy will respond to such measures.
