Sylvester Stallone, the 77-year-old star known for his role in "Rocky," has officially completed his move from California to Florida with his wife, Jennifer Flavin. The couple's decision, first shared on their reality show, marks their permanent relocation to a substantial Palm Beach estate, signaling a significant lifestyle change.
The move is part of a larger pattern of high-profile individuals and affluent residents leaving states like California for Florida, driven by a combination of financial incentives and personal preferences. This trend continues to shape the luxury real estate market in South Florida, even as statewide migration patterns evolve.
Key Takeaways
- Sylvester Stallone and his wife Jennifer Flavin have permanently moved from Los Angeles, California to Palm Beach, Florida.
- The couple purchased a $35.4 million waterfront estate in Palm Beach and sold their California home for $17 million.
- The relocation is part of a broader trend of celebrities and wealthy individuals moving to Florida, attracted by tax benefits and lifestyle.
- Florida's domestic migration has slowed, but the state's population growth is now largely driven by international arrivals and affluent buyers in luxury markets.
Stallone's Florida Relocation Finalized
The decision for Sylvester Stallone and Jennifer Flavin to leave California was a carefully considered one, as detailed in the second season of their show, The Family Stallone. The actor explained to his daughters that despite having deep roots in California, where his career began, he supported his wife's desire for a new chapter.
Flavin expressed a desire for a "big adventure," prompting the couple to make the cross-country move. Stallone acknowledged the difficulty of leaving their long-time home but ultimately prioritized his wife's wishes. This personal decision reflects a search for a different pace of life and environment.
The move received a warm welcome, with Casey DeSantis, wife of Florida's governor, publicly greeting the family on the social media platform X. Her message highlighted the state's appeal to those seeking a change from other parts of the country.
From Hidden Hills to a Palm Beach Compound
The Stallones' new residence is a significant upgrade in both size and value. In 2021, they acquired a 1.5-acre lakefront compound in Palm Beach for $35.4 million. The property includes a main residence of 10,500 square feet, a separate guesthouse, and a pool pavilion, with over 250 feet of private beach frontage.
Two years later, they solidified their relocation by selling their 10,460-square-foot estate in Hidden Hills, California, for $17 million. This sale officially made Palm Beach their primary residence. The transaction underscores the strength of the luxury market they left and the one they entered.
A Focus on Livability Over Size
Despite the grand scale of their new property, Stallone and Flavin have emphasized that their choice was driven by a desire for comfort and character, not just space. In an interview with Veranda, Flavin noted the Florida home's "livable size," describing it as a welcoming family space rather than an impersonal showpiece. Stallone added that many large homes they viewed post-pandemic felt more like "monstrosities" or hotel lobbies than actual homes.
This perspective is important for understanding the current luxury real estate market. High-net-worth buyers are increasingly prioritizing properties that offer a sense of home and comfort, and are willing to pay a premium for that quality over sheer square footage.
A Growing Trend Among the Elite
The Stallone family is not alone in choosing Florida over California. A growing number of celebrities, athletes, and business leaders have made similar moves in recent years, establishing South Florida as a premier destination for the wealthy.
For instance, NFL star Tom Brady acquired a waterfront mansion on Indian Creek Island, an exclusive enclave known as the "Billionaire Bunker." Before their separation, he and Gisele Bündchen had purchased property in the Miami area. In 2020, Ivanka Trump and Jared Kushner also invested in property on the same high-security island.
Notable Florida Transplants
- Tom Brady: Purchased a mansion on Indian Creek Island.
- Serena Williams: Has long maintained a residence in Palm Beach Gardens.
- Marc Anthony: Bought Phil Collins' former $40 million Miami Beach estate.
- David Guetta: Recently invested $9.5 million in a Miami Beach condominium.
This migration extends beyond the world of entertainment. According to real estate professionals in Miami and Palm Beach, the influx includes a significant number of hedge fund managers, tech executives, and other affluent professionals from California. These buyers are transforming Florida's high-end markets and contributing to rising property values across the region.
The Financial Appeal of the Sunshine State
One of the most significant draws for wealthy individuals relocating to Florida is its favorable tax environment. The state has no state income tax or capital gains tax. This stands in stark contrast to California, which imposes the nation's highest state income tax rate at 13.3%.
"The financial difference is a primary motivator for many high-earners. The savings from avoiding state income tax can amount to millions of dollars annually, making a move to Florida a strategic financial decision."
This tax advantage was a key factor for Amazon founder Jeff Bezos, who timed his move to Miami to coincide with a large sale of company stock. Similarly, investor Grant Cardone has cited California's 13.3% tax rate as the main reason he left the state. For individuals with substantial assets and income, the financial benefits are too significant to ignore.
Florida's Changing Migration Landscape
While Florida's real estate market has been fueled by a surge in new residents, the nature of this migration is shifting. The pandemic-era boom in domestic migration to states like Florida and Texas is slowing down, an event some analysts are calling the "Great Slowdown."
According to data from ResiClub Analytics, Florida's net domestic migration gain between July 2023 and July 2024 was 64,017 people. This figure represents a considerable decrease from the peak years of the pandemic when the state consistently ranked first or second in the nation for attracting new residents from other states.
However, Florida's overall population continues to grow, thanks to a different source. U.S. Census Bureau data shows that international migration has become the primary driver, adding over 400,000 new residents in 2024. At the same time, California continues to experience the largest domestic outflow, losing nearly 240,000 residents to other states during the same period, though it also gained over 360,000 people from international migration.
Implications for the Housing Market
This demographic shift has important implications for investors and potential homebuyers. The market is no longer defined by rapid, broad-based population growth. Instead, demand in key areas is being sustained by specific groups: international arrivals, retirees, and the ultra-wealthy, like Stallone, who target exclusive enclaves such as Palm Beach and Miami.
For retirees, Florida remains a top choice. The absence of state income tax on retirement benefits, combined with relatively lower property taxes compared to other high-cost states, allows savings to go further. This steady influx of retirees provides a stable foundation for the housing market, creating opportunities in single-family homes, condos, and dedicated retirement communities.
Ultimately, the Stallones' move highlights what many are seeking in Florida's current market. The focus is less on acquiring the largest possible property and more on finding a high-quality, comfortable home that supports a desired lifestyle. This emphasis on "livability" is what commands a premium in today's market.
