Valve boss Gabe Newell buys a $70 million mansion in Florida

Valve boss Gabe Newell swaps life on the yacht for a luxury villa in Florida. The Steam founder secured a gigantic property by the sea for around $71 million. In doing so, he is following a lucrative trend in the tech industry.

Valve boss buys Florida property

The co-founder and CEO of game developer Valve, Gabe Newell, has purchased a sprawling property in Florida. For the purchase price of 70.8 million dollars (around 61 million euros), the 63-year-old secured a property in the coastal town of Manalapan north of Miami. With an estimated fortune of eleven billion dollars (around nine billion euros), Newell is one of the richest players in the video game industry. The purchase of the property ends his several-year phase in which he lived and worked primarily on his luxury yachts. From there, in addition to the day-to-day business at Steam, he also devoted himself to research projects in the areas of artificial intelligence and brain-computer interfaces.

Villa with direct sea access

The approximately 1,850 square meter building offers numerous amenities. Like that Wall Street Journal reports, the property features a private tunnel that connects the home directly to the ocean. Facilities also include an outdoor pool, a boat lift, a wine cellar and a private wellness area. The previous owners, founders of a mechanical subcontracting company, purchased the property in 2020 for $39 million (approximately €34 million). After a few expansions, they sold it on to the Valve boss at a significant profit. The house is delivered fully furnished and offers a garage for eight vehicles.

Tax debate in Washington

Newell’s move joins a recent exodus of wealthy entrepreneurs from the Seattle area. Previously, other well-known personalities such as Amazon founder Jeff Bezos left Washington state for Florida. A new tax law in Washington imposes higher taxes on wealthy residents and is considered a reason for the change of location.