As California weighs a proposed 5% billionaire tax, tech mogul Mark Zuckerberg has become the latest ultra-wealthy executive to plant a flag in Florida — snapping up a lavish waterfront home in one of Miami’s most exclusive enclaves, The Wall Street Journal reports.

Zuckerberg and his wife, Priscilla Chan, are buying a newly completed mansion on Indian Creek, the tightly guarded barrier island often dubbed “Billionaire Bunker,” according to people familiar with the transaction.

Real-estate agents say the deal underscores how tax policy is accelerating an already red-hot luxury housing market in South Florida.

‘5% TAX DRIVING PEOPLE OUT’

“The 5% tax in California is really driving out people in a major way,” said Danny Hertzberg, a Miami-based agent at Coldwell Banker Realty, who says brokers have been fielding nonstop inquiries from Californians since the proposal surfaced.

The proposed tax would apply retroactively to Jan. 1, 2026, triggering a scramble late last year to close high-end property deals. Miami real-estate attorneys said they were working at a breakneck pace, with some forced to turn away clients because they couldn’t complete multimillion-dollar closings before year-end.

The Meta Platforms CEO already owns luxury properties in Palo Alto, Lake Tahoe, and on Kauai, but this marks a major South Florida foothold.

The nearly two-acre waterfront estate was not publicly listed — a common practice in Miami’s ultra-luxury market. Tom Brady’s Indian Creek home has also been quietly marketed off-market over the past year.

While the exact purchase price has not been disclosed, local agents estimate the property will trade for between $150 million and $200 million. For context, an undeveloped Indian Creek lot of similar size sold for about $105 million last year.

The seller is a limited liability company tied to Peter Cancro, founder of Jersey Mike’s Subs, according to people with knowledge of the property. It is not clear whether the transaction has closed.

Cancro sold a majority stake in Jersey Mike’s to Blackstone in 2024 for about $8 billion, including debt. He and his wife, Tatiana Cancro, could not immediately be reached for comment.

From across Biscayne Bay, the home’s wraparound terraces and private dock are clearly visible. Architectural renderings from CMA Design Studio depict a sprawling estate with blue shutters, elaborate water features, manicured landscaping, and a waterfront pool designed for large-scale entertaining.

Indian Creek has become a magnet for the ultra-wealthy, drawing residents such as Jeff Bezos and Carl Icahn. Another nearly completed home on the island is currently listed for $200 million, highlighting how values continue to climb.

Billionaire auto dealer Norman Braman and his wife Irma Braman live next door. Reached by phone, Irma Braman said Zuckerberg told them he plans to move in by April.

“We’re happy to have him,” she said.

ULTRA-LUXURY MARKET

Zuckerberg’s move comes amid a broader wave of wealthy Californians heading east as Florida’s no state income tax becomes increasingly attractive.

Brokers say the influx has revved up the ultra-luxury market to levels rivaling — or exceeding — the pandemic boom.

Google co-founder Larry Page has purchased several properties in Coconut Grove for roughly $188 million in recent months, while Sergey Brin has been in discussions to buy a $50 million home in Miami Beach, according to people familiar with the talks.

For Miami’s luxury market, agents say the message is clear: tax uncertainty in California is translating into historic demand — and record-breaking prices — in Florida.