By Katherine Clarke and Deborah Acosta

THE DEAL: Billionaire Meta CEO Mark Zuckerberg and his wife, Priscilla Chan, are the latest California billionaires to buy a home in South Florida.

The couple is purchasing a newly completed waterfront mansion on Miami's Indian Creek, according to sources with knowledge of the transaction. Zuckerberg already has an extensive luxury real-estate portfolio, with properties in Lake Tahoe, Palo Alto, Calif., and on the Hawaiian island of Kauai.

THE SELLER: The seller is a limited liability company tied to Jersey Mike's Subs founder Peter Cancro, according to sources with knowledge of the property. It isn't clear if the deal has closed.

Neither Cancro nor his wife, Tatiana Cancro, could immediately be reached for comment. Cancro sold a majority stake in Jersey Mike's to private-equity giant Blackstone in 2024 for $8 billion, including debt.

THE PRICE: While it isn't clear exactly what Zuckerberg and Chan are paying for the nearly 2-acre property, local real-estate agents said it would likely trade for $150 million to $200 million. Last year, an undeveloped Indian Creek lot of roughly the same size sold for about $105 million.

The Cancro home wasn't publicly listed for sale, though it isn't uncommon for ultra-high-end properties to trade off-market in Miami. Tom Brady's home on Indian Creek has been shopped off market over the past year.

THE PROPERTY: From across Biscayne Bay, the home's wraparound terraces and private dock are visible. Renderings of the home on the website of architecture firm CMA Design Studio show a lushly landscaped estate with blue shutters, elaborate water features and a waterfront pool.

THE NEIGHBORHOOD: Indian Creek, a gated, man-made barrier island, has drawn buyers such as Jeff Bezos and Carl Icahn. Another nearly completed home on the island is listed for $200 million.

Billionaire auto dealer Norman Braman and his wife Irma Braman live next door to Zuckerberg's new home. Reached by phone, Irma said Zuckerberg had told them he planned to move into the property by April. "We're happy to have him," she said.

THE MARKET: Zuckerberg is the latest tech billionaire to descend on Miami as California proposes a 5% billionaire tax; Florida offers no state income tax, which for billionaires like Zuckerberg and Bezos adds up to millions of dollars. Real-estate agents in South Florida say they have been working non-stop showing properties to Californians since the possibility of the new tax was announced. "The 5% tax in California is really driving out people in a major way," said Danny Hertzberg, a Miami real-estate agent at Coldwell Banker Realty.

The tax would apply retroactively to Jan. 1 of 2026, and Miami real-estate lawyers said they were working at a breakneck pace at the end of last year to close sales of multimillion-dollar properties. Some lawyers said they had to turn down closings because they were unable to address them before the end of the year.

Brokers and agents in Miami say the sudden influx of Californians has revved up the ultraluxury market to levels at or surpassing the height of the pandemic. Google co-founder Larry Page purchased several properties in the Coconut Grove area for roughly $188 million in the past few months and Sergey Brin has been under discussions to purchase a property in Miami Beach for $50 million, according to people familiar with the situation.

Write to Katherine Clarke at Katherine.Clarke@wsj.com and Deborah Acosta at deborah.acosta@wsj.com

(END) Dow Jones Newswires

February 09, 2026 17:20 ET (22:20 GMT)

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