The 10,041-square-foot compound, which consists of two properties on E Rivo Alto Drive within Miami's Venetian Islands, is now home to the 53-year-old PayPal co-founder, the latest to leave Silicon Valley, according to Business Insider.
The estate was previously owned by former Ford CEO Jacques Nasser before it hit the market over the summer, the outlet reported. However, after sitting on the market to the tune of $19.9 million, Nasser dumped the property in September to Atlantic View Holdings LLC, according to property records obtained by FOX Business.
Inquiries to Thiel's office were not returned.
The property was built in 1995 and has nine bedrooms and a dozen bathrooms, according to a property listing. However, one of the homes on the sprawling two-lot property was also used as the former set of the MTV reality show, "The Real World" in the late 1990s.
The four-bedroom, three-bath home had housed seven cast members of "The Real World: Miami" in 1996, Business Insider reported.
Property records do not list Thiel as the owner. However, his identity was later revealed through a recent public records request which disclosed conversations between him and Miami Mayor Francis Suarez, Business Insider reported.
The Zillow listing indicates that the home was last sold for $18 million in September 2020.
Thiel has joined a growing list of high-profile business leaders leaving California to move their businesses elsewhere over the course of the pandemic
In recent weeks, a string of high-profile business leaders have announced they are leaving California for states, including Texas, with lower taxes and fewer regulations — including Tesla CEO Elon Musk and the headquarters of tech giants Oracle and Hewlett-Packard, whose roots trace back to the founding of Silicon Valley.
A niche industry has emerged around the trend, with real estate agents starting websites like “exitcalifornia.org” and “leavingthebayarea.com” as the state’s median home price hit a record high of more than $712,000 in September.
And while some blame California’s taxes and policies for its recent exodus, state officials say the more likely culprit is the pandemic.
The Associated Press contributed to this report.