Californians, particularly the state’s wealthiest residents, are increasingly relocating to South Florida in response to proposed tax initiatives targeting billionaires. A ballot measure under consideration in California could impose a one-time 5 percent tax on fortunes exceeding $1 billion for any billionaire residing in the state as of January 1, 2026. This has prompted at least six billionaires to consider leaving, with Florida and Texas emerging as preferred destinations due to their lack of state income tax.
In recent months, prominent figures from California’s tech and investment sectors have made significant real estate acquisitions in South Florida. Google co-founder Larry Page spent $173 million in early January to purchase two waterfront homes in Coconut Grove. Fellow Google co-founder Sergey Brin also bought high-value properties locally during the same period. Venture capitalist Peter Thiel announced plans to open a Miami office for his family investment firm.
Page now owns a total of 5.24 acres along Biscayne Bay after purchasing another waterfront home at 3320 Devon Road for $14.97 million, which previously sold for $3.56 million in 2016.
Additionally, California financial executive Paul Wick and his wife Karin Wick recently purchased a two-story penthouse at Vita at Grove Isle for over $20 million. The property features an interior space of 6,863 square feet and exterior terraces totaling 5,100 square feet, including a private pool.
A South Florida real estate agent representing three California billionaires reported that interest among ultra-wealthy clients accelerated following Miami’s Art Basel fair in December. The agent indicated that discussions about moving became more urgent as four or five affluent clients completed purchases before the proposed deadline for the new tax initiative.
“This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.”
