Larry Page is shifting his footprint out of California as the state moves forward with a proposed billionaire tax, spending more than $170 million on luxury property in Florida.
California’s Billionaire Tax Act would introduce a one-time 5% tax on residents with net worths exceeding $1 billion, applied retroactively to those living in the state as of January 1. Page, whose fortune is estimated at $269 billion, appears to have acted just in time by establishing residency in Florida ahead of the cutoff.
In December 2025, Page purchased a 4.5-acre estate in Miami’s Coconut Grove neighborhood for $101.5 million. Property records later showed a trust linked to Page acquiring a second nearby property for $71.9 million in January. The transactions were first reported by The Wall Street Journal.
Beyond real estate, Page has also taken steps to move several of his businesses out of California, filing to relocate entities to states including Florida, Delaware, and Texas.
His move reflects a broader trend among ultra-wealthy Californians responding to potential tax changes. Real estate agents in South Florida say demand from California buyers surged late last year, driven largely by concerns over the proposed 5% tax.
Florida’s appeal has grown alongside Miami’s emergence as a finance and tech hub, attracting high-profile figures such as Jeff Bezos. What began as a gradual migration has accelerated into a more permanent shift, with wealthy buyers increasingly establishing primary residences and deep business ties in the region.
Industry observers say the influx of capital and talent could further cement Miami’s position as a major destination for technology and finance, reshaping its role on the national — and global — stage.