Sylvester Stallone loves Florida after ditching Hollywood for good — here's why so many wealthy Americans are following

Florida appears to be ready to embrace them. Casey DeSantis, the wife of governor Ron DeSantis, even shared a clip of their announcement on X, referring to Florida as the “Free State” and joking how one can buy toothpaste without needing an armed guard to unlock it [1].

From Hidden Hills to Palm Beach

The Stallones didn’t downsize when they left Los Angeles; if anything, they upsized.

In 2021, Stallone purchased a sprawling 13,241-square-foot compound in Palm Beach for $35.4 million. This lakefront estate features a 10,500-square-foot main house, a guesthouse, and a pool pavilion, all set on 1.5 acres with over 250 feet of private beach frontage [2].

Two years later, he and Flavin sold their 10,460-square-foot estate in Hidden Hills for $17 million, officially making Palm Beach their permanent home [3].

Despite more than doubling their investment and gaining more space, Stallone and Flavin emphasize that the move wasn’t about size or extravagance. Flavin shared with Veranda that they were attracted to the Florida property’s “livable size,” which makes it a cozy, family-friendly home rather than a cold showpiece. Stallone remarked that many of the homes they viewed after the COVID-19 pandemic felt like “monstrosities” that resembled hotel lobbies more than actual homes [4].

In essence, the Stallones upsized both financially and physically, but emotionally, they were pursuing something different: comfort, character, and a lifestyle that suited them. For investors, this distinction is crucial. Today’s luxury buyers are not just looking for square footage; they are willing to pay a premium for properties that truly feel like homes.

Not just Stallone: Who else is making the move?

The Stallones aren't the only ones swapping the West Coast for the sunny shores of Florida.

Tom Brady and Gisele Bündchen purchased a property in Miami before their split, with Brady later acquiring a stunning waterfront mansion on Indian Creek Island, often referred to as the “Billionaire Bunker.” In 2020, Ivanka Trump and Jared Kushner also bought property in the area.

Athletes and entertainers have joined the trend. Serena Williams has had a residence in Palm Beach Gardens for quite some time, while musician Phil Collins sold his $40 million estate in Miami Beach to Latin pop star Marc Anthony. More recently, DJ and producer David Guetta made headlines with his $9.5 million investment in a Miami Beach condo.

Real estate agents in Palm Beach and Miami report that the influx isn't just about celebrities. Hedge fund managers, tech entrepreneurs, and affluent executives from California are also making their mark in Florida's prestigious markets, attracted by lower taxes, better weather, and desirable addresses [5]. These high-profile buyers do more than just purchase homes; they play a significant role in establishing Miami and Palm Beach as global luxury markets, driving up property values throughout the region.

What makes Florida’s real estate market special

For wealthy newcomers, the Sunshine State offers more than just ocean views. Florida levies no state income or capital gains tax, while California imposes the highest rate in the country at 13.3%.

That difference is why Amazon founder Jeff Bezos timed his relocation to Miami around a major stock sale and why investor Grant Cardone has long said California’s 13.3% tax rate was the “one reason” he left.

But the migration story that fueled Florida’s real estate boom is shifting. Between July 2023 and July 2024, Florida gained just 64,017 people through net domestic migration — a dramatic slowdown from the pandemic years, when the state ranked first or second nationally. Florida still grew overall, but the majority of that growth came from international migration, which added more than 400,000 people in 2024 according to data from ResiClub Analytics [6] and the Census Bureau [7].

California, meanwhile, continues to see the largest domestic outflow of any state, losing 239,575 people to other parts of the U.S. in the same period. Like Florida, though, it was buoyed by international arrivals, gaining more than 360,000 new residents.

Analysts call this the “Great Slowdown” of 2024–2025: pandemic-era hot spots like Florida and Texas are no longer seeing runaway domestic inflows, thanks to affordability pressures and soaring home prices [8]. Many Americans are choosing shorter, regional moves instead of cross-country relocations. At the same time, wealthier buyers — like Stallone — continue to target prestige enclaves such as Palm Beach and Miami according to BeatifyData [9].

Takeaway for investors and retirees

Stallone’s move underscores how lifestyle-driven migration is reshaping real estate. Florida’s appeal isn’t just tax savings or sunshine; it’s the promise of homes that fit the way people actually want to live.

For investors, the lesson is clear: Florida’s market is no longer about sheer population growth, but about who is moving in. International arrivals, retirees and the ultra-wealthy continue to fuel demand for prestige properties, even as affordability pressures cool the broader market.

For retirees especially, Florida remains one of the few states where nest eggs stretch further. With no state income tax on retirement benefits, relatively low property taxes compared to other high-cost states, and a climate designed for year-round living, the Sunshine State still checks the boxes for those looking to protect their savings.

That steady flow of retirees adds a stabilizing force to the housing market, creating long-term opportunities not just in multimillion-dollar estates but in more attainable single-family homes, condos and retirement communities.

And the Stallones’ choice shows where the real premium lies for anyone house hunting in Florida: not in square footage alone, but in livability — homes that balance scale with comfort, and feel like a place you want to stay.

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[1]. Casey DeSantis (@CaseyDeSantis), “Welcome to the Free State of Florida!” X post, Feb. 23, 2024.

[2]. Fox News Digital. “Sylvester Stallone says Florida ‘fits my personality better’ as he leaves Hollywood for good.”