Google co-founder Larry Page has reportedly purchased two waterfront mansions in Miami’s exclusive Coconut Grove for approximately $173 million. This significant real estate move mirrors Jeff Bezos’ relocation strategy, signaling a potential shift away from California amidst concerns over proposed wealth taxes.
A Strategic Miami Move
In a move that echoes Jeff Bezos’ playbook, Google billionaire Larry Page has reportedly invested heavily in Miami’s real estate market. The purchases, made in late December and early January, include two neighboring estates in Coconut Grove for a total of roughly $173.4 million. One compound was acquired for $101.5 million, and the second for $71.9 million in an off-market deal. This acquisition places Page within one of Miami’s most sought-after enclaves, known for its privacy and waterfront access.
Page’s relocation appears to be a calculated response to California’s proposed wealth tax, which targets residents with fortunes exceeding $1 billion. Regulatory filings indicate that Page has been systematically moving his family office and investment entities out of California, reincorporating key business vehicles in Delaware and establishing new addresses in Florida. Analysts estimate that a potential 5% annual levy on worldwide assets could cost Page, one of the world’s wealthiest individuals, upwards of $10 billion if applied retroactively.
The pattern of Page’s departure from California bears a striking resemblance to Jeff Bezos’ own high-profile relocation from Seattle to Miami. Bezos, who announced his move in 2023, rapidly assembled a substantial compound in Miami’s Indian Creek Village by purchasing multiple estates. Both billionaires are leveraging Florida’s lack of state income tax and its more favorable stance on wealth, while also contributing to Miami’s growing status as a hub for technology and finance.
A Wider Trend Among the Ultra-Wealthy
Page’s move is part of a larger trend observed among ultra-high-net-worth individuals who are either leaving California or restructuring their assets in anticipation of potential wealth taxes. While some, like Nvidia CEO Jensen Huang, have expressed willingness to remain, many are seeking tax advantages and lifestyle upgrades elsewhere. This exodus is contributing to Miami’s transformation into a significant center for capital and executive talent, offering a clear model for other wealthy individuals facing similar tax pressures.