Former Starbucks chairman and CEO Howard Schultz and his wife have purchased a $44 million penthouse at the Four Seasons Surf Club Residences in Surfside, Florida, marking their newest chapter after nearly five decades in the Pacific Northwest.
The five-bedroom residence, which originally listed at $55 million, spans just over 5,000 square feet and includes a rooftop terrace, central courtyard, private garage, and an oceanfront cabana — amenities that reflect the growing draw of South Florida’s ultra-luxury real estate market for executives and entrepreneurs stepping back from daily operations.
The Surfside property blends modern coastal design with historic character. The building traces its origins to 1930, when it first opened as a resort that attracted figures like Winston Churchill and the Rat Pack. Today, residents dine at a restaurant overseen by three-Michelin-starred chef Thomas Keller and use a spa with a hammam.
A Shift Toward “Wall Street South”
Schultz’s move mirrors a broader trend of affluent professionals relocating from high-tax northern states to Florida. The couple announced their departure from Washington state on LinkedIn last month, noting that they, along with their golden retriever Jonas, were entering a “retirement phase” after 44 years in Seattle.
“We were starting a new life,” Schultz wrote, recalling how his wife Sheri served as the family’s primary income earner when he joined Starbucks in September 1982. “The spirit of continuing forward has long underpinned our approach to life — in business, in philanthropy and most importantly, as a family.”
Washington recently enacted a 9.9% income tax on households earning over $1 million annually, a measure that Governor Bob Ferguson signed into law. Real estate professionals note that tax policy is increasingly influencing where high-net-worth individuals choose to live.
“The wealth tax as a threat in states that may implement it is a major catalyst for these high-net-worth people moving here,” said Mick Duchon of The Corcoran Group, who has been showing luxury units in the same building Schultz just joined.
Ultra-Luxury Real Estate Defies Broader Market Trends
While some observers see Miami’s residential market cooling, the ultra-luxury segment appears to operate on different dynamics. Properties at the highest price points continue to attract buyers willing to pay premiums for exclusivity, security, and design.
“There isn’t a ceiling,” Duchon noted of the ultra-luxury tier. “They’re oftentimes willing to spend more than any other transactions in order to achieve what they want.”
Properties like the Four Seasons residences and those on nearby Indian Creek Village appeal to a narrow demographic seeking specific attributes: oceanfront views, hotel-grade service, and proximity to other affluent neighbors. A pending four-bedroom listing in the same building, priced at $21.95 million, features a bespoke travertine wine cellar in the dining area and calming white and beige furnishings throughout.
A Ripple Effect for Miami’s Economy
The concentration of high-value transactions in South Florida’s luxury market has implications beyond individual sales. Real estate analysts point to a trickle-down effect that supports appreciation across broader residential segments, from island properties to single-family homes.
“The transactions that are occurring now in this price point create a lot of momentum for the rest of the market,” Duchon said. “It has created more demand and appreciation comes from that.”
For Schultz, the Four Seasons penthouse represents more than a retirement home — it’s part of a larger migration of American capital and culture toward a region that has become increasingly central to the country’s financial landscape.