Hedge funder Larry Robbins is the latest New York billionaire moving to South Florida.
Unlike other billionaires jumping on the wealth migration wagon, Robbins isn’t relocating his company along with his family. Robbins’ Glenview Capital Management will remain based in New York City –– for now, Bloomberg reports. Despite making the move himself, Robbins warned of dire consequences for the city should its richest residents keep leaving.
“I am in fear for New York’s most vulnerable to become victimized by the great migration,” he told the outlet. “I know of no business that has generated long term success by driving away its highest paying customers.”
Robbins was certainly a high-paying customer. The longtime New York resident has a net worth of $2.2 billion, according to Forbes.
Robbins bought a mansion in Palm Beach Gardens’ Old Palm Golf Club for $13.9 million in February. He, his wife and their three young children will live in that house while they build a home in Hobe Sound in Martin County, he told Bloomberg. His kids are attending the Benjamin School, the highly competitive private school in Palm Beach Gardens.
Among high-profile billionaire moves to South Florida, Citadel founder Ken Griffin’s is perhaps the most notable. The hedge funder has a net worth of $36.4 billion and is building a headquarters tower in Miami’s Brickell. He owns more than $1 billion worth of South Florida real estate, including an under-construction 8-acre oceanfront estate in Palm Beach.
Billionaire Jeff Bezos also moved to South Florida. The Amazon founder dropped $237 million on three Indian Creek Village properties and is rumored to be shopping in Palm Beach as well.
Robbins hasn’t spent as much on his move as Griffin or Bezos, and he still plans to work in New York. Beginning in August, he will commute from his home in Palm Beach Gardens to his fund’s Manhattan office. Glenview opened a small office in Palm Beach Gardens, but none of the 53 New York-based employees are being asked to relocate, Robbins confirmed to Bloomberg.
His hope is that New York City cultivates a next generation of wealth that prioritizes Big Apple philanthropy.
“Unless we solve the big problem of driving high earners away from New York City, this challenge will be a persistent headwind for decades to come,” he told the outlet. –– Kate Hinsche