By Katherine Clarke

THE DEAL: Howard Schultz, the billionaire former chairman and chief executive of Starbucks, has paid about $44 million for a penthouse at the Surf Club, Four Seasons Private Residences in Surfside, Fla., according to people familiar with the situation.

The deal coincides with Schultz's announcement Tuesday that he and his wife, Sheri Schultz, have relocated to Florida. "We have moved to Miami for our next adventure together," he wrote in a statement on LinkedIn. "We are enjoying the sunshine of South Florida and its allure to our kids on the East Coast as they raise families of their own."

THE ASK: The ocean-view condo unit came on the market in November 2024 for $55 million, according to the listings website Zillow. The price was cut to $49.9 million in October 2025.

THE SPECS: Spanning roughly 5,500 square feet with five bedrooms, the unit has a central courtyard and an expansive rooftop terrace, according to the listing. It also comes with private garage parking and an oceanfront cabana. The listing agent was Ximena Penuela of Fort Realty.

THE SELLER: The limited liability company Stockbridge Holdings bought the penthouse for $18 million in 2018, property records show. An attorney listed as a registered agent for the company, Josh N. Bennett, declined to comment on the deal.

THE BUYER: Schultz is perhaps best known for transforming Starbucks from a small coffee-bean retailer into a global coffeehouse chain. He stepped down in 2023 from his most recent stint as Starbucks's CEO and left its board, though he continued to be a powerful figure inside the company.

The Schultzes have lived in the Seattle area, where Starbucks is based, for decades. "Over the years, as Sheri and I grew our family and built Starbucks globally, we were witness to the astonishing development of Seattle," Schultz wrote in his statement. "It is our hope that Washington will remain a place for business and entrepreneurship to thrive."

While the couple's private family office will move to Miami, their charitable foundation will continue operations in Seattle, he wrote.

A spokeswoman for Schultz declined to comment on the Four Seasons deal. His real-estate agent, Liz Hogan of Compass, didn't respond to a request for comment.

THE BUILDING: Located just north of Miami Beach in Surfside, the Surf Club, Four Seasons Private Residences was completed around 2016. Last year, tech entrepreneur Daniel Nadler paid $38.2 million in cash for a fully furnished penthouse there.

THE MARKET: Schultz is the latest in a string of big-name billionaires scooping up homes in South Florida. In recent months, Larry Page, Sergey Brin and Mark Zuckerberg have all purchased homes in the Miami area amid concerns over a new wealth tax in California.

(END) Dow Jones Newswires

March 11, 2026 08:00 ET (12:00 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.