The headlines in business newspapers follow one another and are all similar, as billionaires continue to migrate en masse to Florida.
Recently, Larry Page, co-founder of Google, acquired properties on Miami’s most exclusive waterfront, in the neighborhood nicknamed “Billionaire Bunker.” He is quietly building up his estate while significantly reducing his tax bill by moving his residence from California to a low-tax state.
Between December 2025 and January 2026, Page purchased two luxury homes in Coconut Grove for a total of $173 million, both on the waterfront and with private docks, guaranteeing security and privacy: the first, valued at $101.5 million, belonged to restaurateur Jonathan Lewis; the second, worth $71.9 million, belonged to heiress Sloan Lindemann Barnett and her husband.
Page’s move is part of a strategy that is now common among the ultra-wealthy, who are increasingly using luxury real estate and changes of residence as tools for tax optimization. He is thus copying the tax strategy of Jeff Bezos, who bought three properties near Miami on Indian Creek Island.
In fact, rumors indicate that another Google co-founder, Sergey Brin, is also looking for a $50 million property in Miami.
According to real estate agent Brett Harris, around 100 billionaires are currently making the same move, and his phone is ringing off the hook. The reason? A bill in California that would impose an additional 5% tax on California residents with a net worth of over $1 billion.
As Danny Hertzberg of the Jills Zeder Group at Coldwell Banker explains to TheRealDeal: “Everyone thought it was going to be a New York and Mamdani story [about the migration of the ultra-rich], but it’s coming out of California.” He says he has never been in such high demand since 2021.
Similarly, real estate agent Julian Johnston of the Corcoran Group explains that he is in direct contact with three billionaires who want to migrate to Florida from California, mainly from Palo Alto, and who have not spent much time in Florida until now. One of them told him: “This California tax could cost me up to $5 billion,” an ultra-rich problem that is difficult to sympathize with.
That said, Florida also attracts billionaires because it has no estate or inheritance taxes, relatively low property taxes (compared to other states), and a welcoming business environment.
And the trend continues: billionaire Ron Shaich, owner of Panera Bread and investor in restaurants (Cava, Au Bon Pain, etc.), has just purchased a luxurious $12 million off-market property in the Grove at Grand Bay residential tower, developed by David Martin, while keeping his company’s headquarters in Massachusetts.
Larry Ellison, co-founder of Oracle, continues his shopping spree on the exclusive little island of Manalapan, with a population of 400, located 20 minutes from Mar-a-Lago. The world’s fifth-richest man has acquired $450 million worth of real estate there, including the 300-room Eau Palm Beach Resort & Spa for $277 million.
Ken Griffin, founder of the Citadel investment fund, has also spent $450 million over the years to build a 25-acre estate in Palm Beach. PayPal co-founder Peter Thiel has expanded his presence in Florida by opening an office in Miami for his investment fund.
Clearly, the trend is not about to stop.
