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Billionaires Flee California for Florida's Ultra-Mansions
2 Mar
Summary
- California's proposed wealth tax prompts billionaires to eye South Florida real estate.
- Ultra-high-net-worth individuals are acquiring multi-million dollar properties in Miami.
- Miami's luxury market is experiencing a surge in demand for high-end residences.
A proposed wealth tax in California is prompting some of the state's wealthiest residents to explore real estate opportunities in South Florida. Notably, billionaires are investing in nine-figure homes, with Larry Page recently purchasing three properties for over $180 million. Mark Zuckerberg and Sergey Brin are also reportedly considering acquisitions in the region.
The Miami-Dade County luxury real estate market has seen a substantial increase in ultramansion sales. In 2018, only one single-family home sold for over $30 million, but by 2025, this figure rose to nineteen. Areas like Indian Creek, known as "Billionaire Bunker," are becoming particularly attractive.
Miami has long been considered a potential hub for various industries, from finance to technology, with companies like Citadel and Palantir relocating their headquarters. However, the city's unique characteristics, rather than trying to emulate other hubs, appear to be its strongest appeal to the ultra-rich.
