Bill Gates the second richest man in the world only spends $8.7 million for second home in Florida. Howard spends $50 million on his Florida home. Seattle-based Microsoft founder Bill Gates â€” and second richest man in the world â€” remarkably, doesnâ€™t own an excess of properties. Previously, when his horse-loving daughter competed in Florida, the multibillionaire rented homes for his family rather than buying. (Click here or on a photo to see more pictures of his new estate.) Not any longer. According to property records as well as South Floridaâ€™s Gossip Extra, Gates now owns a place in Wellington, FL, paying $8.7 million in cash. The Mediterranean-style residence is vastly different and much smaller than Gatesâ€™ high-tech and modern compound spanning over 5 acres with 50,050 square feet of living space on Lake Washington, about 8 miles east of Seattle. The home Gates just purchased in Wellington is reportedly a residence he and his family rented last year in January while his teenage daughter competed in the Winter Equestrian Festival. Built in 2010, the estate has 4 beds and 4 baths with a 7,234-square-foot, open floor plan. Horse-friendly features like a 20-stall barn and show-jumping arena were likely part of Gatesâ€™ decision to buy the home. (Click here or on a photo to see more pictures of his new estate.) Gates isnâ€™t the only business man buying in Wellington. New York City Mayor and Bloomberg Founder Michael Bloomberg has a home there as well as the former owner of the L.A. Dodgers, Frank McCourt.