Former Starbucks Chairman and CEO Howard Schultz, a billionaire, has purchased a penthouse at the Surf Club Four Seasons Private Residences in Surfside, Florida, for approximately $44 million, according to sources familiar with the matter.
The transaction coincides with Schultz's announcement on Tuesday that he and his wife, Sheri Schultz, have relocated to Florida. In a LinkedIn statement, he wrote: "We have moved to Miami to begin the next chapter of our lives. We are enjoying the sunshine in South Florida, and it also provides easier access to our children who have established their lives on the East Coast."
Property listings on Zillow indicate the ocean-view condominium was listed for sale in November 2024 with an initial asking price of $55 million. The price was reduced to $49.9 million in October 2025.
Listing details show the approximately 5,500-square-foot residence features five bedrooms, a central courtyard, a spacious rooftop terrace, a private garage space, and a waterfront cabana. The listing agent is Ximena Penuela of Fort Realty.
Property records indicate that the limited liability company Stockbridge Holdings previously purchased the penthouse in 2018 for $18 million. Josh N. Bennett, the registered agent attorney for the company, declined to comment on the recent transaction.
Schultz is best known for transforming Starbucks from a small coffee bean retailer into a global coffeehouse chain. He stepped down from his most recent role as CEO and left the company's board in 2023 but remains a highly influential figure within the company.
The Schultzes had resided for decades in the Seattle area, where Starbucks is headquartered. Schultz noted in his statement: "Over the years, as Sheri and I built our family and grew Starbucks internationally, we witnessed the incredible evolution of Seattle. We hope Washington State continues to be a great place for business and entrepreneurial spirit to thrive."
He stated that the couple's private family office will relocate to Miami, but their philanthropic foundation will continue to operate from Seattle.
A spokesperson for Schultz declined to comment on the Four Seasons residence purchase. His real estate agent, Liz Hogan of Compass, also did not respond to a request for comment.
The Surf Club Four Seasons Private Residences, located in Surfside just north of Miami Beach, was completed around 2016. Last year, tech entrepreneur Daniel Nadler purchased a fully furnished penthouse in the building for $38.2 million in cash.
Schultz joins a growing list of prominent billionowers who have recently acquired property in South Florida. In recent months, concerns over new wealth taxes in California have prompted Larry Page, Sergey Brin, and Mark Zuckerberg to buy homes in the Miami area.