Amazon founder Jeff Bezos has acquired a new residence in Florida’s “Billionaire Bunker,” reportedly spending about $68 million on the property.

The 59-year-old billionaire purchased the mega-mansion on June 27, as reported by The Real Deal.

Bezos and his fiancée, former news anchor and pilot Lauren Sánchez, had been searching for a new or renovated mansion in the Miami area.

The home, which is located in Miami’s Billionaire Bunker, was built in 1965 and expanded in 1985 and features 9,300 square feet with three bedrooms and three bathrooms on a 2.8-acre lot.

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Bezos is expected to bulldoze the site and build a new mega mansion on the beautiful waterfront plot.

The world’s third-richest person is the newest resident on the exclusive island and home to supermodel Adriana Lima, property magnate Jeff Soffer, singer and songwriter Julio Iglesias and car dealership mogul Norman Braman.

It is also soon-to-be a home for retired NFL legend Tom Brady as well as Ivanka Trump and Jared Kushner – both of whom are currently constructing lavish residences a stone’s throw away from Bezos’ new plot.

Bezos’ latest real estate venture adds to his portfolio worth upward of $500 million, accounting for inflation.