Gabe Newell, the co-founder and CEO of Valve Corp., has reportedly purchased a luxurious waterfront estate in Manalapan, Florida for approximately $70.8 million. This transaction raises questions about his potential move from the Seattle area to the Sunshine State.
The estate, which spans 2.06 acres and offers features such as a dock, a boat lift, and a tunnel leading to the ocean, was previously listed for $85 million. It was bought by sellers Cindy and Ron McMackin for about $39 million in 2020, as reported by The Wall Street Journal.
Newell, 63, has been instrumental in the growth of Valve, which he co-founded in 1996 after a stint at Microsoft. The company is renowned for its PC gaming platform, Steam, and popular game series like “Half-Life” and “Portal.” With a net worth of $11 billion, Newell ranks 293rd on Forbes' list of the world's wealthiest individuals.
This potential relocation aligns Newell with other notable figures who have left Seattle, such as Amazon's Jeff Bezos and former Starbucks CEO Howard Schultz, amid ongoing discussions about the state's tax policies affecting wealthy residents.