Billionaires Fearing a Proposed California Wealth Tax Are Snapping Up Property in Miami
11th February 2026
Move over, Golden State. You’re being replaced by the Sunshine State.
The wealthiest people in the U.S. are forsaking California in favor of Miami to escape a looming wealth tax that might be coming to the West Coast state. And as these affluent folks head to the 305, they’re giving the real estate market a seismic shakeup upon their arrival by snatching up luxe mansions in South Florida, Bloomberg reported.
Larry Page, the cofounder of Google, is one of many people making the move. He reportedly just snagged a $101.5 million manse and another $71.9 million property in the luxe enclave of Coconut Grove last month, according to Bloomberg. Another adjacent $15 million home was also allegedly snapped up by an entity connected to Page in January, too, completing his property trifecta (and following the trend of billionaires amassing luxe compounds in Miami). Fellow billionaire Mark Zukerberg has also stepped into the Miami fray, reportedly buying a property on Indian Creek, a man-made isle that’s also known as Billionaires Bunker. If the Facebook founder has actually purchased a home there, he’ll count Jeff Bezos (who has a $90 million spread there) and Tom Brady (and his blinged-out watch collection) as his neighbors.