Former Starbucks owner and CEO Howard Schultz says he is leaving Seattle for Miami after 44 years in the java giant’s home state of Washington — as Dems there have been pushing for a so-called “millionaires’ tax.”
He has paid about $44 million for a 5,500-square-foot penthouse at the Surf Club, Four Seasons Private Residences in Surfside, Fla., the Wall Street Journal reported.
“For those of you who know us well, we have entered the ‘retirement’ phase of our lives,” Schultz wrote about himself and his wife Sheri Schultz in a late Tuesday LinkedIn post.
“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 move comes as Washington lawmakers are moving ahead with a plan to impose a 9.9% tax on household income over $1 million starting in 2029.
Schultz — who once mulled running for president as an independent — made no mention of the proposal in his LinkedIn post, though he nodded to the overall business climate.
“It is our hope that Washington will remain a place for business and entrepreneurship to thrive, creating essential opportunity for those in Seattle and the surrounding areas,” he wrote.
Schultz is following in the footsteps of a growing number of wealthy businessmen who have been ditching the high-tax coasts for the Sunshine State.
They include Google co-founder Larry Page and Facebook founder Mark Zuckerberg, both of whom left California ahead of a referendum on a so-called “billionaires’ tax”
Schultz – who is worth about $3.5 billion, according to Forbes – is widely recognized for building Starbucks from a small coffee shop into a sprawling industry giant worth billions of dollars. He bought the chain in 1987 and took it public a few years later.
The Schultz family lived in the Seattle area for decades. The couple’s private family office will move to Miami, but their charitable foundation will maintain operations in Seattle, according to Schultz’s LinkedIn post.
“Over the years, as Sheri and I grew our family and built Starbucks globally, we were witness to the astonishing development of Seattle,” he wrote. “We focused on doing our part to help those at risk and facing hard times in our city.”
The Schultz Family Foundation provides resources to young adults to help them pursue educational and employment opportunities, especially those who are not pursuing a four-year degree.
A spokesperson for the nonprofit did not immediately respond to The Post’s request for comment.
Schultz stepped down from his role as Starbucks’ CEO and a board member in 2023, handing the reins to former PepsiCo executive Laxman Narasimhan.
Brian Niccol, who led successful turnaround efforts at Chipotle and Taco Bell, is the current CEO of Starbucks.
Schultz served three stints as Starbucks’ top exec over the decades, stepping down from the role three separate times.
