Barry Sternlicht became a Florida resident as of July 1, in a move to save taxes.
Sternlicht made the announcement last week at the CNBC Institutional Investor Delivering Alpha Conference, Reuters is reporting.
Last year, a company controlled by Sternlicht purchased a waterfront lot at 2374 North Bay Road for $17 million. A Kobi Karp-designed home has been under construction there.
Others that have recently made a similar move include billionaire hedge fund managers David Tepper (South Beach) and Edward Lampert (Indian Creek.)
an older rendering of 2374 north bay road: