Investing.com -- Howard Schultz, the billionaire former head of Starbucks Corp., has relocated to Miami after more than 40 years in Seattle, taking his family office with him.

Schultz announced the move in a LinkedIn post, stating that he and his wife Sheri have entered the retirement phase of their lives. Last year, the couple traveled to numerous locations around the world that they were unable to visit while building Starbucks and raising their children.

While Schultz's foundation will remain in Seattle under the leadership of Vivek Varma, his family office will move to Miami.

According to an earlier report by The Wall Street Journal, Schultz purchased a penthouse at the Surf Club, Four Seasons Private Residences, for $44 million.

In his post, Schultz expressed hope that Starbucks will remain in Seattle as Washington State faces challenges retaining businesses and wealthy individuals. The state is considering introducing a 9.9% tax on incomes over $1 million, which has caused many wealthy individuals and companies to relocate to places like Florida and Texas.