Californians, particularly those among the state’s wealthiest residents, are increasingly relocating to South Florida in response to proposed tax initiatives targeting billionaires. A California ballot proposal aims to impose a one-time 5 percent tax on fortunes exceeding $1 billion for anyone residing in the state as of January 1, 2026. This measure has prompted at least six billionaires to consider leaving California, with Florida and Texas emerging as preferred destinations due to their lack of state income taxes.
High-profile tech figures have already made significant real estate investments in South Florida. In early January, Google co-founder Larry Page spent $173 million acquiring two waterfront homes in Coconut Grove. Sergey Brin, another Google co-founder, also purchased major properties in the area last month. Venture capitalist Peter Thiel has announced plans to open a Miami office for his family investment firm.
Larry Page now owns a total of 5.24 acres along Biscayne Bay after purchasing an additional home contiguous with his earlier acquisition this year. The property at 3320 Devon Road was sold for $14.97 million; it previously traded for $3.56 million in 2016.
California financial executive Paul Wick and attorney Karin Wick recently bought a two-story penthouse at Vita at Grove Isle for over $20 million. The residence offers 6,863 square feet of interior space and an additional 5,100 square feet of terrace area that includes a private pool.
A South Florida real estate agent representing three California billionaires noted that talk about moving picked up during Miami’s Art Basel fair in December and translated into several purchases by affluent clients before the potential tax deadline. One unnamed client could face a possible $5 billion tax hit if they remain in California past the cutoff date.
This column is produced by the Master Brokers Forum, which is composed of elite South Florida real estate professionals who join by invitation based on high production standards and ethical conduct.
