Fast Money: Formula One Star Sergio Perez Just Bought A Multimillion-Dollar Home In Miami. Here's A Look At Homes Of The Other F1 Speedsters
Fast Money: Formula One Star Sergio Perez Just Bought A Multimillion-Dollar Home In Miami. Here's A Look At Homes Of The Other F1 Speedsters
Jeff Vasishta
5 min read
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Former Formula 1 star Sergio Perez could be leaving his hometown of Guadalajara, Mexico behind — at least for some of the year. He recently bought a luxury condo in Miami.
The Mexican race car driver, who is affectionately referred to as “Checo” by friends, family, and fans, departed his longtime team, Red Bull Racing, is now contemplating switching to Formula E. According to Realtor.com, he has purchased a four-bedroom luxury condo inside the St. Regis Residences, a 50-story high-rise located on the Brickell waterfront.
Neither Perez nor the building sales agents revealed his purchase price. However, condos in the building start at $5 million. Realtor.com also showed that a unit similar to Perez’s in the building is currently on the market for $9.6 million.
Perez was with Red Bull for three years. Despite a disappointing 2024 season, the team’s principal, Christian Horner, insisted that Checo’s decision to step away from F1 had been the driver’s alone.
“Checo, he’s been a fantastic member of this team,” Horner said on the Formula 1 website. “It’s been a tough year for him but he’s a great person and of course [he] played such a key role in the ’21 drivers’ championship, ’22 and ’23 constructors’ [championship].
“He was second in the drivers’ world championship last year, he’s won five Grand Prix in our cars. But he reflected after the season and we sat down and discussed it last week about what are the next steps, and he’s decided that he’s going to take a bit of time out.”.
Perez can afford to take as much time out as he wants. According to Forbes, he earned $19.5 million in 2024 and was the eighth highest-paid driver in F1 driver that year. PlanetF1 ranks him as the fifth richest F1 driver in the world, with a net worth of $75 million.
When speaking of his new home, the driver told the Miami Real Estate website, PROFILEmiami:
“Miami has become incredibly special to me after spending the past few years here for F1, and I look forward to enjoying this stunning new home with my family and friends,” Checo said. “I’ve always been drawn to the St. Regis brand, and with the towers’ privacy and prime location in Brickell, it’s the perfect place to call my vacation home.”
Formula 1 drivers are some of the highest-paid motorsports drivers in the world, according to PlanetF1. The wealthiest F1 driver is Britain’s Lewis Hamilton, who has a net worth of $285 million. Two-time world champion Fernando Alonso has a net worth of $260 million, making him the second richest F1 driver, followed by Max Verstappen, who has a net worth of $210 million.
Needless to say, the top F1 drivers enjoy luxurious lifestyles with stunning residential property portfolios. None is more international than Hamilton, who owns homes in London, New York, Monaco, and Geneva.
Perez Lives In Mexico And Miami, But Most F1 Drivers Live In Monaco
Interestingly, many top F1 drivers own residences in Monaco because of financial benefits. The government does not charge any income, wealth, local, property, or capital gains tax, providing overseas residents live there for six months and one day of the year. However, not just anyone can move to Monaco. Prospective overseas residents must have financial liquidity of $650,000 to apply to buy a property.
Britain’s Lando Norris, one of the world’s top drivers, was open about discussing his reasons for moving to the glamorous Southern French city.
“There’s probably drivers in the paddock here who get to F1 and make some decisions because they expect their career in F1 to maybe 10 years, and it can turn into one year or two years,” he told TalkSport. “This can be life-changing for yourself for 20, 30, 40 years time. Anyone else in the world in my position they would probably do something very similar.”
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