Troy Dean Group CEO Troy Ippolito and Compass founding agent Steve Hall talk about the likelihood of Elon Musk purchasing a property near Mar-a-Lago, or the tech innovation hub of Miami.
From Thanksgiving dinner at Mar-a-Lago to rocket launches on the Space Coast, Elon Musk has increasingly spent more of his professional and personal time in the Sunshine State.
With that in mind, will Musk lay roots in the tropical paradise? Two real estate tycoons believe the billionaire’s recent visits could prove so.
“Elon Musk is a disruptor,” Troy Dean Home CEO and creative director Troy Ippolito told Fox News Digital. “When he does something… People stop and listen. They stop and take note. And you can’t have all these really, really smart people moving to South Florida for no reason whatsoever. The reasons are endless at this point. I can’t imagine him not having some type of residency here.”
Compass top-grossing agent Steve Hall pointed out that it’s more likely Musk is eyeing a property closer to President-elect Donald Trump’s Palm Beach estate.
ELON MUSK’S MOTHER DESCRIBES UNIQUE RELATIONSHIP BETWEEN TRUMP AND HER ‘GENIUS OF THE WORLD’ SON
“I’m not surprised that he would want to, and with his role within the new administration, be close to that,” Hall also told Fox News Digital.
South Florida real estate tycoons make the case that DOGE co-chair Elon Musk could be mulling over a move to the Sunshine State. (Getty Images)
“I’m, through the grapevine, just hearing chatter. It does appear that he’s more serious about buying a property here, buying something soon,” he added. “He was considering some homes right near Mar-a-Lago, just to the north, and also considering some of the West Palm Beach condominiums.”
Musk did not respond to Fox News Digital’s request for comment.
He wouldn’t be the first high-profile name to purchase a property in the southeast part of the state. Public figures including Ken Griffin, Jeff Bezos, Tom Brady, Carl Icahn and the Reuben brothers all have multi-million dollar properties in the area.
While Hall focuses on buying and selling within Palm Beach, Ippolito specializes in designing and building homes in greater Miami with clients including Griffin and David Reuben. Both of the real estate insiders believe that Musk would seek an exclusive, high-security property – but exactly where is left to be seen.
President-elect Trump watched the launch from Texas. It took place before sunset on Tuesday.
The Tesla, SpaceX and Neuralink founder has made himself comfortable at President-elect Trump’s estate, spending holidays there and even bringing his children along, as he readies for the Department of Government Efficiency (DOGE) co-chair position.
But in the post-COVID era, Miami revolutionized into a hub for tech and capital investment innovation, which could also be attractive for Musk.
“Who’s to say about Elon? He has 11 kids. He’s a family man. I know he’s quite low-key, but he can really do or be anywhere he wants,” Ippolito said. “I do think he will have some type of residence in South Florida, maybe not his home, but somewhere within the buzz of maybe the political aspect, maybe Kennedy Space Center, maybe the tech area of Brickell. I’m sure there’s going to be something that attracts him to having a little bit longer of a stay here.”
U.S. President-elect Donald Trump and Elon Musk watch the launch of the sixth test flight of the SpaceX Starship rocket on November 19, 2024 in Brownsville, Texas. | Getty Images
“I think if he wanted an air quote ‘crash pad’ for his visits to Mar-a-Lago, he would probably buy in La Clara, probably the penthouse, or [The] Bristol if you were to buy a West Palm Beach condominium,” Hall noted.
“The current units that are available are under $30 million and approximately 10 to 15,000 square feet. So that’s the choice of what’s currently available,” the Compass lead agent expanded. “But there are some larger units that are not listed, and maybe he was able to identify one of those that he would be able to acquire.”
TESLA MARKET VALUE SURPASSES $1 TRILLION AFTER MUSK-BACKED TRUMP WINS PRESIDENCY
Musk is no stranger to making real estate investments. In October, rumors swirled over the innovator building a “secret,” $35 million compound for his family outside of Austin, Texas, where his Tesla and SpaceX headquarters reside. However, Musk struck down those claims, telling Page Six, “no grand family compound/home has been built or is expected to be built.”
Instead, he clarified that he lives in a modest, ranch-style three-bedroom home worth just $50,000. He allegedly also owns one other “events” property in San Francisco.
“I think a Palm Beach investment would absolutely be worthwhile for Elon Musk. The state of Florida, the population continues to grow,” Hall said. “Palm Beach County is getting a huge percentage of residents moving here… it’s on the right trajectory for all systems to keep moving forward, and that includes property values.”
‘Mansion Global’ host Katrina Campins discusses the condition of Florida’s luxury housing market ahead of the Fed’s next rate decision on ‘The Big Money Show.’
“Let’s face it, with Elon’s wealth, most of my clients have multiple homes even in this area. So it wouldn’t be a surprise that if he wanted to really get into the South Florida market, if he wanted to really call this home and live the lifestyle that most of my clients come here to live, then yeah, he would want a beautiful estate in Palm Beach Island,” Ippolito said, “and he’d want a helicopter pad landing for his condo in Brickell. And those are all very normal things at this point.”
As the CEO and DOGE co-chair potentially joins the growing list of billionaires and business moguls moving to South Florida, both real estate leaders feel confident that Musk will carry on the tidal wave of interest in the local market.
Maye Musk, mother of Elon Musk, comments on her son’s role in the Trump White House, media criticism of his unconventional business practices, and what it was like paving her own way to raise a billionaire industry leader.
“I was born in South Beach, and I’ve lived here my entire life. And I’ve never seen anything like the boom that we’re going through… the really, really ultra high-end is just something that I can’t explain. And it’s changing very, very quickly,” Ippolito said.
“There’s no wrong way to go,” the Troy Dean head continued. “My advice [to Musk] is to find somewhere that you love, whether it’s on the golf course, whether it’s on the water, whether it’s on the ocean, feel safe, feel secure. If it’s not turnkey, find a really good firm that you can trust to make it your home, to make it somewhere that you can come [and] let your guard down, be with your family, enjoy South Florida.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Top Palm Beach realtor Margit Brandt breaks down the impact of President-elect Trump’s victory on the market in the area and the president-elect’s Florida listings.
“The other buzz you’re hearing is that post-inauguration, there’s going to be quite a bit of Silicon Valley, San Francisco tech titans of the industry… acquiring a property in the Palm Beach area,” Hall pointed out.
“Absolutely, the activity [has] increased, and you’ve seen some substantial properties go under contract in the last two or three weeks. And there’s a ton of optimism that the next four years, Palm Beach County, Palm Beach Island is just going to really thrive with this new administration.”
READ MORE FROM FOX BUSINESS
