Former Chicago Bears quarterback Rex Grossman has sold his Delray Beach, Florida, home for $7.5 million. The sale comes as South Florida experiences a surge in high-net-worth individuals, including tech billionaires, acquiring luxury properties, driven partly by concerns over potential wealth taxes in other states.
Key Takeaways
- Rex Grossman, former Bears QB, sold his Florida home for $7.5 million.
- The property features significant Intracoastal Waterway frontage.
- Grossman’s sale coincides with a trend of billionaires investing in South Florida real estate.
- Potential wealth taxes in states like California are cited as a major driver for this migration.
A Lucrative Sale for the Former Bear
Rex Grossman and his wife, Alison, finalized the sale of their four-bedroom home on Eighth Street in Delray Beach on January 16th. The property, which boasts 210 feet of frontage on the Intracoastal Waterway, was initially listed in April for slightly less than $7.73 million. The final sale price represents a significant increase from the $2.7 million the Grossmans paid for the property in 2013, attributed to improvements in the Florida real estate market.
The modern Mediterranean-style house, built in 2000, spans approximately 4,100 square feet and is situated on a point, offering water views on two sides. The interior features a two-story living room with a wood-beamed ceiling, a kitchen with an adjacent casual dining area, and a primary bedroom with a balcony overlooking the waterway. The property also includes an outdoor pool and mature palm trees.
Billionaires Flock to the Sunshine State
Grossman’s sale occurs amidst a notable influx of wealthy individuals, particularly tech billionaires, into the South Florida real estate market. Reports indicate that figures like Mark Zuckerberg, Larry Page, and Sergey Brin have been actively purchasing or exploring high-value properties in exclusive areas such as Indian Creek and Coconut Grove. This trend is largely fueled by a desire to escape potential wealth taxes, such as a proposed 5% tax on billionaires in California, and to take advantage of Florida’s business-friendly environment and lack of state income tax.
Real estate agents in the region have noted a significant increase in activity from ultra-high-net-worth buyers, with some attributing the surge directly to concerns over taxation in states like California and New York. This migration is seen by some as a continuation of a trend that began during the pandemic, now amplified by new tax proposals.
Grossman’s Post-Football Ventures
Since his NFL career, which included a Super Bowl run with the Bears in 2006, Rex Grossman and his wife have been involved in business ventures. They currently own Florida Medical Staffing, a nursing-placement firm based in Delray Beach. This Florida real estate transaction follows previous property dealings in the Chicago area, where the Grossmans experienced both losses and gains on their real estate investments.
Sources
- Ex-Bears QB Rex Grossman sells $7.5 million Florida home, Crain’s Chicago Business.
- Billionaires shop for, buy real estate in South Florida, Miami Herald.
- Bill Ackman Talks Mark Zuckerberg’s $150M Florida Mansion, MoneyWise.com.
- California Wealth Tax Fears Have Billionaires Snatching Up Florida Real Estate, Bloomberg.com.