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Billionaire Flees California for Florida Tax Haven
17 Jan
Summary
- Larry Page purchased two Miami properties totaling over $170 million.
- California's proposed Billionaire Tax Act spurred the move.
- Miami realtors report a surge of wealthy Californians relocating.
Google cofounder Larry Page has acquired substantial real estate in Miami, Florida, totaling over $170 million. This move comes as California considers a new "Billionaire Tax Act" that would impose a 5% tax on residents with a net worth exceeding $1 billion. Page's significant investments in Miami's Coconut Grove neighborhood, made in late 2025 and early 2026, appear to be a strategic financial decision to avoid this impending tax liability.
The proposed California legislation, slated for potential retroactive application from January 1, 2026, has created a palpable shift in the real estate market. Danny Hertzberg, a real estate agent, noted a substantial influx of wealthy individuals from California actively seeking primary residences in Florida. This trend is directly linked to the 5% net worth tax proposal, with many relocating to establish residency before the law takes effect.
Miami has been actively rebranding itself as a premier destination for finance and technology, attracting prominent figures like Amazon founder Jeff Bezos. This latest wave of high-profile relocations is expected to further elevate Miami's status as a major global hub for these industries, solidifying its position as a leading destination for the ultra-wealthy.
