Jeff Bezos could save more than $600 million in taxes if he moves to Miami.

Jeff Bezos’ $2 billion stock sale last week included an additional benefit: It’s exempt from state taxes.

Last year, Bezos announced on Instagram that he would be leaving Seattle after nearly 30 years and moving to Miami. He said he moved to be closer to his parents and that his rocket was launched by Blue Origin. Timing also presented another reason: taxes.

In 2022, Washington state imposed a new 7% capital gains tax on sales of stocks or bonds worth more than $250,000. Because Washington state does not have a personal income tax, the new levy marked the first time Bezos has faced state taxes on stock sales.

Since 1998, Bezos has sold billions of dollars worth of assets. Amazon Shares have been shared almost every year for more than two decades to fund his philanthropy, his space company Blue Origin, and most recently his $500 million megayacht and growing collection of mansions he purchased with his fiancée Lauren Sanchez.

When the tax took effect in 2022, Bezos stopped selling it. He did not sell Amazon stock in 2022 or 2023, and only donated $200 million at the end of last year.

After moving to Miami, Bezos made up for lost time. Bezos has begun a pre-scheduled stock sale plan to offload 50 million shares before Jan. 31, 2025, according to a filing with the SEC last week. At current prices, that’s a total of over $8.7 billion.

Florida has no state income tax or capital gains tax. So last week’s $2 billion sale saved him $140 million he owed to Washington state. If he sells all 50 million shares next year, he will save at least $610 million. And this is assuming that Amazon stock prices remain unchanged. If stock prices continue to rise, his stock value and tax savings will increase even further.

Put another way, he made more money in Florida than he paid for his 417-foot yacht, Koru, in just the taxes he saved.

For his new digs, Bezos purchased two mansions on Indian Creek for $147 million and is reportedly looking at three other properties on the island, which also count Tom Brady and Carl Icahn as residents. Miami brokers said Bezos would likely tear down his home and build a new one, with the total cost of the new property likely to exceed $200 million.