Larry Page, co-founder of Google, has poured roughly $173 million into two waterfront compounds in Miami’s exclusive Coconut Grove neighborhood. This move, executed through off-market deals in late December and early January, mirrors a strategy recently employed by another tech titan, Jeff Bezos, and signals a broader trend among the ultra-wealthy. Page’s acquisitions, one valued at $101.5 million and the other at $71.9 million, include a 13-bedroom, 15.5-bathroom estate previously listed for $135 million, and a second property whose value nearly doubled in less than five years.
Page’s relocation to Florida is more than just a lifestyle upgrade; it’s a calculated financial maneuver. Regulatory filings indicate a systematic disentanglement from California, with his family office and various investment entities reincorporated in Delaware and new business addresses established in Florida. This strategic shift comes amid California’s aggressive pursuit of a wealth tax targeting residents with assets exceeding $1 billion. Reports suggest that a proposed ballot measure, if passed and applied retroactively to January 1, 2026, could cost Page, currently one of the world’s richest individuals, well over $10 billion annually.
The parallels between Page’s move and Jeff Bezos’s recent relocation from Seattle to Miami are striking. Bezos, after decades in Washington state, announced his move in 2023 and swiftly began assembling a South Florida compound in Indian Creek Village, known as “Billionaire Bunker.” His reported $237 million in acquisitions within nine months are estimated to save him approximately $1 billion in taxes. Both billionaires are leveraging Florida’s lack of state income tax and its more favorable treatment of wealth, alongside the undeniable lifestyle appeal of South Florida, to reposition their vast financial empires away from traditionally high-tax tech hubs.
This exodus of high-net-worth individuals, particularly from California, underscores a growing tension between states seeking to bolster public funds through wealth taxes and those offering more lenient fiscal environments. Palmer Luckey, founder of Anduril, has openly warned that such taxes might compel founders to liquidate portions of their companies to meet their obligations. California Representative Ro Khanna, responding to reports of Page and Peter Thiel considering leaving, remarked with apparent sarcasm on X, “I will miss them very much.” This sentiment reflects the divisive nature of these tax proposals.
Miami, already experiencing an influx of hedge funds, crypto players, and tech executives, continues to solidify its status as a parallel power center for technology and finance. The city’s transformation, significantly accelerated during the pandemic, is now further cemented by the arrival of figures like Page. For a centibillionaire, establishing domicile in Florida before new tax rules take effect can effectively function as an instant, self-funded tax reform, potentially saving tens or even hundreds of millions of dollars over time. While advocates argue wealth taxes are crucial for funding essential programs like healthcare and education, critics contend that such aggressive measures simply drive away the very individuals whose investments and capital could otherwise contribute to the state’s economy. The playbook for the ultra-rich seems clear: if the tax climate becomes too burdensome, there is a well-trodden path to alternative havens.
