Howard Schultz, the billionaire who formerly led Starbucks, has relocated to Miami after more than 40 years based in Seattle. In a LinkedIn post, Schultz said he and his wife Sheri are entering the retirement phase of their lives, noting that last year they traveled extensively to destinations they had not been able to visit while building Starbucks and raising their children.
While Schultz indicated his philanthropic work will continue in Seattle, he made clear that the operational base for his family office is moving to Miami. The Schultz Foundation, however, will remain in Seattle and is expected to be led going forward by Vivek Varma.
According to people familiar with the transaction cited by The Wall Street Journal, Schultz bought a penthouse at the Surf Club, Four Seasons Private Residences, for $44 million. Schultz did not provide additional details about the property purchase in his public post.
In his LinkedIn message, Schultz also voiced a hope that Starbucks will remain headquartered in Seattle. He framed his own move against a backdrop of concern about Washington state’s ability to retain businesses and affluent residents. The state is considering a proposal to impose a 9.9% tax on incomes above $1 million, a measure cited in his post as one factor driving relocations to states such as Florida and Texas.
The announcement separates the physical location of Schultz’s family office from the ongoing work of his foundation. It also highlights a personal transition for Schultz and his wife toward retirement and travel after decades focused on corporate growth and family life.
Context and implications
The move brings Schultz’s private financial operations to Miami while keeping his charitable foundation anchored in Seattle under new leadership. The post emphasized personal priorities and signaled a partial withdrawal from Seattle’s local ecosystem, even as philanthropic activities continue in the city.
The details provided in Schultz’s public statement are limited to his retirement plans, the foundation’s leadership, and the family office relocation. The report about the Surf Club purchase and the price was attributed to people familiar with the deal, as reported by The Wall Street Journal.