One of the wealthiest people in the world has just added another Florida property to his staggering real estate portfolio.
$90 Million Florida Mansion
Amazon founder Jeff Bezos has purchased a $90 million mansion in the highly exclusive Indian Creek gated community in Miami-Dade County, Florida.
Indian Creek Village
Indian Creek Village, which has been nicknamed the “Billionaire’s Bunker” is a man-made barrier island in Biscayne Bay, just off the coast of Miami.
New Residence
Bezos’s newest home, which he is reportedly planning to use as his main residence for the time being, is a six-bedroom waterfront home with a sprawling lawn and outdoor pool.
$2.5 to $90 Million
Property records show that the luxury waterfront mansion was last sold for $2.5 million back in 1998. Bezos purchased it off-market from banker Javier Holtz.
Third Island Property
It is the third property that Bezos has purchased on the exclusive island. The former two were apparently purchased last year, the first selling for $68 million and the second for $79 million.
Living the Island Life
He and his fiancee Lauren Sanchez have been living on the island since last year, after relocating from Seattle where his billion-dollar multinational tech company is based.
Gated Community Lifestyle
They now reside full-time in the gated community alongside 40 other wealthy residents, including the likes of Ivanka Trump and Jared Kushner, and NFL star Tom Brady.
One of the world’s Most “Exclusive Municipalities”
With so few residents and a median house price of almost $30 million, it’s no surprise that the man-made island has become known as one of ‘the world’s most exclusive municipalities.’
Closer to Family
His parents, Mike and Jackie, also live in Florida, and when asked about the move he told reporters “I want to be close to my parents, and Lauren and I love Miami.”
A Renovation Stopgap
The newest property will be used as a “stopgap”: a place for him to live while he completes the demolition of his two remaining Indian Creek Village properties, according to Bloomberg.
Building a Super-Property
The billionaire plans to rebuild these two properties and connect them into one enormous estate. Together, they take up 4.6 acres of waterfront on the exclusive island.
$570 Million Portfolio
The almost quarter-million dollars worth of Florida property are staggering additions to Bezo’s real estate portfolio, which was valued at $570 million at the end of 2023, according to the New York Post.
Across the Country
This portfolio includes $190 million worth of property in Seattle, and various other properties in cities like New York and Washington, DC. He also owns a $500 million superyacht.
Third Richest Person
Bezos, who was once ranked as the world’s richest person, is now listed as the third richest billionaire in the world according to Forbes.
Big Changes for the Rest of America
His recent massive real estate acquisitions come at a time when the rest of the country is rapidly seeing property become too unaffordable for the majority of Americans.
Bankrate Report
A new report by consumer financial services company Bankrate.com suggests that Americans will now need an annual income of $110,871 to afford a typical home in 22 states.
22 States
This includes states where property is notably expensive, like California and Hawaii, and states where these prices may come as a surprise, such as Western states like Utah and Idaho.
Discrepancy With Median Income
It may come as a shock to the average American, considering that the median household income in the U.S. is just $74,580, according to data from the U.S. Census Bureau.
Shocking Increases
While the rise in house prices has been evident since 2020, these statistics show that they are increasing at a much faster rate than anticipated.
Only Six States In 2020
According to a similar Bankrate report from 2020, a six-figure income was only needed to afford a typical home in six states.
Average Americans Edged Out of Market
While billionaires like Jeff Bezos will remain unaffected by the increase in house prices, low and middle-income earners will continue to be edged out of the property market due to inflation, interest rates, and increased mortgage rates.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
