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31 JAN

How Soon is Phil Mickelson Moving to Florida???

By Jeff Lichtenstein

After unloading his beach house in San Diego for $2.7m in June of 2012, 2-time Masters Champion Phil Mickelson is continuing to market his main residence, a Tuscan-style 9500-square-foot home for $7.1m, leading to speculation that he is in the process of selling all of his California real estate assets and most probably moving to Florida along with Jack Nicklaus, Greg Norman, Tiger Woods, Ernie Els and Rory McIlroy. Mickelson originally listed his home in 2008 for $12m at the peak of the market.

Phil Mickelson’s California Home

Likely Sales Price

His asking price, $7.1m, should really be reduced to $6.9m as buyers search in rhythms of ½ millions, and will most likely sell for the $5.9m he paid for it in 2001, as most real estate today is selling at the same prices as 1999 to 2001.While Mickelson has incredible views, a wonderful, sparkling blue pool with waterfall, separate spas, tennis courts, guest houses and a cul-de-sac locale, architecture has changed dramatically since his home was built. Buyers today, when looking for Trophy Properties, prefer to be on the water. Next, they want the latest in architectural trends, which happens to be cleaner lines and a softer palette. Out is ornate Mediterranean; in is a transitional contemporary look. The buyer will most probably not buy his furniture and antiques, which probably cost a small fortune, as the buyer will change the overall look of the interior.

Michael Jordan’s Massive Modern Contemporary Mansion
Tiger Woods’ Jupiter Island Swedish Ikea Modern Spread
Rory McIlroy’s Ultra-Modern Home

13.3% California Income Tax

California’s 13.3% onerous income tax and nearly 10% sales tax continues to impact high wage earners, except perhaps in Silicon Valley, and the exodus out of California, New York and other high income tax states continues. California was at one time the fastest-growing state in the nation and now it is losing more residents annually than any other state. In the past 10 years, nearly 2.5m residents have exited California.Phil speculated that his tax rate is 62-63%, meaning that the first 230 days of the year he works exclusively for both the United States and California governments. That means that around August 20, 2013 he can begin taking home his earnings.A typical Mickelson day requires 10-12 straight hours of planned, concentrated practice, day in, day out. Being a top-ranked player not only means you are great, but requires an unusual dedication honing your game into shape. It stresses the body, mind & soul.With the level of competition so keen today, the days of the old-timers staying out late, drinking and womanizing are long gone. That even caught up with Tiger last year!The demands of sponsors, grueling travel schedules, advertising photo shoots, charity work, autograph signing and dedication to family leaves the pro golfer with very few precious days off.

Michael Jordan’s House | Tiger’s Sports Complex | Venus Williams’ Mansion | Celine Dion’s House | Donald Trump’s Private Club | Burt Reynolds & Friends | Elin Nordegren’s Home | Rory McIlroy’s House | Rush Limbaugh’s Palm Beach Home

Is California the next Greece?

California has long been the leader in deficit spending and unfortunately that has now caught up with it. Just as residents in the Northeast are leaving in droves for Florida, which negates any possible revenue increase for the state despite increases in the income tax rates, so too are California residents.

Passive Income v Earned Income

Mickelson is different from the hedge fund guy who is taxed at 15%, the oil companies with their depletion allowances, General Electric with its off-shore subsidiaries, etc. So Phil is on solid ground if he wants to move to Florida which dozens of high profile, high wage earners call home.

Phil saves $7.3m

Speculation has Phil earning $55m per year, so over a 10-year period, based on the 13.3% tax rate, Phil would save $7.3m by moving to Florida, more than the asking price of his current California house.

Phil Mickelson’s California Home
Phil Mickelson’s California Home

Where in Florida will Phil buy?

Where will Phil buy if he moves to Florida? Most probably the Jupiter Island area or a gated community like Admirals Cove, The Bear’s Club, or Old Palm. Each of those will offer him the privacy and water features so desirable today.

Michael Jordan’s House | Tiger’s Sports Complex | Venus Williams’ Mansion | Celine Dion’s House | Donald Trump’s Private Club | Burt Reynolds & Friends | Elin Nordegren’s Home | Rory McIlroy’s House | Rush Limbaugh’s Palm Beach Home

Posted in Uncategorized on January 31, 2013 at 4:00 am.


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