Billionaire Peter Thiel purchased an $18million, 10,000 sq ft property in Miami’s Venetian Islands in September
Tech billionaire Peter Thiel appears to be the latest entrepreneur to leave Silicon Valley after snapping up an $18million home in Miami, Florida.
The 53-year-old PayPal co-founder recently purchased a 10,000-square-foot compound in Miami’s Venetian Islands that includes the former set of MTV reality show, The Real World, Business Insider reported.
The massive waterfront property consists of two luxury homes on E Rivo Alto Drive, located right on the Intracoastal Waterway that faces Miami’s Biscayne Bay.
In total, the homes have nine bedrooms, 12 bathrooms, as well as a two outdoor swimming pools, according to the property listing.
It was previously owned by former Ford CEO and president Jacques Nasser, who offloaded the compound to Atlantic View Holdings LLC in September, two and half months after putting it on the market.
The property was listed for sale on July 1 for $19.9million, but was ultimately sold to Thiel for a discounted price of $18million, according to property records.
The massive waterfront compound is made up of two luxury homes on E Rivo Alto Drive, located right on the Intracoastal Waterway that faces Miami’s Biscayne Bay
In total – the homes consist of nine bedrooms, 12 bathrooms, as well as a two outdoor swimming pools, according to the property listing
One of the houses – which has four bedrooms and three bathrooms – once served as the set of MTV’s The Real World: Miami during its 1996 run
The seven cast members (pictured) of popular reality series resided in the home during the show’s fifth season which was centered around the contestants’ challenge to launch a successful business with $50,000
Thiel, however, is not listed on the property records and was only revealed to be the mystery buyer through a recent public records request that disclosed his conversations with Miami Mayor Francis Suarez.
The Real World house is seen in a still of one of the episodes
According to BI, the pair had lunch together at the home on January 13, days after their original scheduled date of January 6 – the day of the Capitol riots in Washington.
Emails obtained by the publication showed Thiel’s executive assistant was forced to reschedule the meeting after he had ‘an important obligation arise.’
The exchange also included directions on how to get to the mansion.
One of the houses – which boasts four bedrooms and three bathrooms – once served as the home to the seven cast members of The Real World: Miami, in 1996.
Thiel – who was one of the few prominent tech moguls to express support for President Trump – joins a growing list of Silicon Valley entrepreneurs who have recently left the tech hub to move to smaller, but up-and-coming, metropolitan areas with lower taxes.
Fellow investor and partner at Thiel’s Founders Fund company, Keith Rabois also recently relocated to Miami full-time to reportedly open a new office for the venture capital firm.
Although the home was purchased back in September, Thiel was only recently revealed to be the mystery owner through a public records request, Business Insider reported
The spacious property was previously owned by former Ford CEO and president Jacques Nasser, who sold it in September
The property boasts breathtaking views of Miami’s Biscayne Bay, which connects Miami Beach and the city’s mainland
Thiel has not commented publicly on his new home and is unclear whether he plans to reside there full time
The home was originally listed for $19million in July but was ultimately sold to Thiel for a slightly less, at $18million, in Septemner
The homes are surrounded by palm trees and tropical foliage that provide shade and privacy to residents
Thiel’s move to the area comes as a growing list of tech entrepreneurs have left Silicon Valley to set up offices elsewhere
He purchased a $29million brand-new mansion in December that is located a 20-minute walk from Thiel’s new home, according to BI.
It comes as Mayor Francis Suarez has been looking to draw entrepreneurs and growing tech companies to the city, in hopes of transforming Miami into the newest tech hub.
Suarez last month posted a tweet as part of his campaign – which could potentially revive the city in the post-pandemic era.
‘Ok guys hear me out, what if we move Silicon Valley to Miami,’ one user said on Twitter. Suarez then replied: ‘How can I help?’ drawing more than 5,700 likes.
‘I’m waking up every morning thinking about how can our city be more resilient,’ Suarez told NBC last month.
‘And the way for us to be more resilient to deal with pandemics and civil disturbances is to make sure we have an economy that’s the economy of tomorrow.’
It comes as other tech moguls, including Tesla founder Elon Musk, have also relocated to more affordable states.
Thiel follows a growing list of Silicon Valley entrepreneurs – including Tesla founder Elona Musk (pictured) – have recently left the tech hub to move to smaller, yet up-and-coming, metropolitan areas with lower taxes
He was soon joined by tech giant Oracle Corp, which said it was moving its headquarters from Silicon Valley to Austin, and will let employees choose their office locations and decide whether to work from home.
Recent data has also revealed it’s not only the rich who are taking part in the migration to smaller and cheaper regions, but average working Americans as well.
A report published by LinkedIn in December analyzed the areas that have seen an influx of newcomers, as well as those regions that have lost the most residents, between April and October 2020.
Austin was ranked number one in a list of ten cities – the majority of which are located in the south – where the most people have moved during that time period.
For every one person that moved out of the Texas state capital, 1.53 people moved in, according to the data.
Phoenix took the second place spot for the most popular destination, followed by Nashville, Tampa, Jacksonville, Charlotte, Dallas, Denver, Charleston and Seattle.
Meanwhile, Hartford, the capital of Connecticut, saw the largest outflow of people during that time frame.
New York City and the San Francisco Bay Area – large, bustling urban areas that are home to booming tech and financial companies, were ranked second and third, respectively.