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Sylvester Stallone ditched California for Florida. He says it's a personal move, but he'll likely enjoy the lower taxes, too.

Sylvester Stallone and his Palm Beach home.
Sylvester Stallone and his Palm Beach estate.NBC / Getty Images / Paramount+
  • In the "Family Stallone" premiere, Sylvester Stallone said his family was moving to Florida for good.

  • Stallone's wife, Jennifer Flavin, says she wanted a new start after their kids moved out.

  • Millions of Americans are making similar moves. Florida's low tax makes it a big draw.

The Stallone family permanently moved from California to Florida in "The Family Stallone" season two — putting them in the same boat as many less famous Americans.

Sylvester Stallone made the announcement during a family dinner with his wife, Jennifer Flavin; his brother, Frank Stallone; and his three daughters, Sophia, Sistine, and Scarlet Stallone, in the season-two premiere.

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The episode was filmed in 2023 but aired last week.

"After a long, hard consideration, your mother and I have decided, time to move on and leave the state of California permanently, and we're going to go to Florida," Sylvester Stallone says. "We're going to sell this house."

Stallone and Flavin gave multiple reasons for the relocation, including the desire for a fresh start after their children moved out of the family home.

While they didn't mention finances, Florida's lower taxes are often cited by people moving there, and the Stallones would most likely benefit too.

The Stallone family already have an estate in Palm Beach, which they first visited in "The Family Stallone" season one episode three. According to Palm Beach Daily News, the lakefront mansion has seven bedrooms and cost $35.375 million.

A shot of the Stallone's new house in Palm Beach, Florida in "The Family Stallone."
A shot of the Stallone's new house in Palm Beach, Florida, in "The Family Stallone."Paramount+

Sylvester Stallone's move follows a recent trend of Americans relocating to Florida, which includes other celebrities like Jeff Bezos and Guy Fieri.

Business Insider reported in October that Florida had the greatest number of new residents between 2021 and 2022, citing Census Bureau data. At the same time, according to the Census Bureau, California had the most people leave.

Taxes often play a big part. Florida has no income tax and also doesn't charge taxes on capital gains (for instance, from selling stock).

This has made the state lucrative for high earners because they can keep more of their money.

Corporation tax is also lower in Florida, making it attractive for people who own companies.

Without the full details of Stallone's finances, it's impossible to say how exactly it would affect him, but it's fair to say most people stand to reduce their taxes by making a move like his.

Business Insider contacted Stallone to ask for more details.

The reasons he's given on TV have been personal. In the season-two premiere episode, Flavin said she wanted to move to discover who she is now that her children are out of the house.

"When you spend your life, and I raised all three of our daughters in California, everything's a memory to me," she says. "Memories of them not being there anymore. So I needed a big change, and Sly went along with it."

jennifer flavin, sistine stallone, sylvester stallone, sophia stallone, and scarlet stallone on the red carpet for the family stallone
Jennifer Flavin Stallone, Sistine Stallone, Sylvester Stallone, Sophia Stallone, and Scarlet Stallone at the premiere of "The Family Stallone" in May 2023 in New York City.Dimitrios Kambouris/Getty Images for Paramount+

The two eldest Stallone daughters, Sophia and Sistine, live together in New York. The youngest, Scarlet, goes to the University of Miami, which she says in "The Family Stallone" season one, episode three, is a two-hour drive from their Florida house.

In the season-two premiere, Sylvester Stallone is initially reluctant to leave California because he has lived there since 1973.

"It's not easy for me to leave California," he says. "That's where I got my start. That's where I got my break. I have a lot of memories."

But Sylvester Stallone eventually accepts his wife's request.

"Jennifer has made an incredible amount of sacrifices over the years," He says. "I know deep down inside, no matter how I'm feeling, I owe it to Jen to go through this move."

The Stallones officially moved in episode four of season two, filmed in 2023.

Read the original article on Business Insider