Fed up with burdensome taxes, a New York businessman is set to relocate to Miami after buying a St. Regis Bal Harbour condo for $6.5 million.

Keller Williams Coral Gables real estate agent Michael Light announced the all-cash transaction in a written statement released Thursday. Light did not disclose the buyer’s identity. The buyer is expected to move his entire company from New York City to downtown Miami.

The three-bedroom, three-and-a-half-bathroom condo totals 3,884 square feet.

“Over the last five years, 90 percent of the real estate clients I have worked with are relocating to Miami,” Light said. “These individuals understand not only the value of properties in South Florida, but also the value of Florida’s tax laws.”

Source:  The Real Deal