By Charlie Lankston
Some billionaires may be leaving California as threat of wealth tax looms
Google co-founder Larry Page
Billionaire Google co-founder Larry Page has reportedly splashed out more than $173 million to snap up two mansions in the tony Miami enclave of Coconut Grove-days before it was claimed that the tech mogul has moved his business interests out of California ahead of a potential tax on the state's wealthiest residents.
Page, 52, is understood to have purchased two opulent dwellings in the exclusive community, which has long been home to some of the world's wealthiest and most privileged, the first of which he bought for $101.5 million on Dec. 29, according to the Wall Street Journal.
That property-which boasts 13 bedrooms and 15.5 bathrooms-had been listed in June 2024 with an asking price of $135 million, according to Realtor.com records.
Days later, he is said to have closed on the purchase of a nearby dwelling, this time paying $71.9 million in an off-market deal, nearly double the price that the sellers had purchased the home for less than five years ago.
The first of the two homes had previously been owned by late restaurateur Jonathan Lewis, while the other was sold by heiress Sloan Lindemann Barnett, daughter of fossil fuel mogul George Lindemann, and her husband, Roger Barnett.
Page's purchase of the two homes comes amid something of a billionaire exodus from California ahead of a proposed ballot measure that would level a one-time wealth tax of 5% on individuals worth more than $1 billion.
Although the ballot initiative has yet to pass, it would apply to any billionaires who lived in California on Jan. 1, 2026, prompting many of the state's ultrarich to rush to establish alternate residency before the onset of the new year.
The Google (GOOG) (GOOGL) co-founder currently has a net worth of $276 billion, according to the Bloomberg Billionaires Index, which lists him as the second-wealthiest man in the world behind Tesla (TSLA) founder Elon Musk, whose businesses are headquartered in Texas.
According to listing agent Lourdes Alatriste of Douglas Elliman, who specializes in luxury properties located in Coconut Grove and Coral Gables, Page is far from the only high net worth Californian to seek out a new home in the Sunshine State.
&#34;Over the past several weeks, I've been fielding a noticeable uptick in calls from high-net-worth individuals based in California who are actively exploring South Florida, particularly Coconut Grove,&#34; she tells Realtor.com.
&#34;Many are paying close attention to the potential passage of a wealth tax and are looking to proactively reposition assets while also upgrading their lifestyle. Florida's tax structure is clearly part of the conversation, but what ultimately seals the decision is the combination of waterfront living, privacy, and a sophisticated yet understated luxury market that Coconut Grove offers.&#34;
On New Year's Eve, venture capitalists Peter Thiel and David Sacks announced the opening of new satellite offices in Florida and Texas, respectively, laying a paper trail that might thwart future California tax collectors.
The Journal reports that Page could soon be joined in Miami by his Google co-founder, Sergey Brin, who is also understood to be &#34;in discussions&#34; to buy a property in the area.
Page, meanwhile, is said to have moved his family office, Koop, out of California late in December, instead choosing to incorporate in Delaware, according to Business Insider. The outlet reports that the billionaire also moved another business entity, One Aero, to Florida.
It is unclear whether the businessman now plans to offload his longtime home in California, an enormous compound in Palo Alto that he began building in the early 2000s, according to multiple reports.
Interestingly, Page's new Coconut Grove dwellings do not lend themselves to the creation of a similar compound. The two properties are not located on adjacent parcels, but are instead located about a four-minute drive from each other.
The first-and more expensive-of the two mansions, which is known as the Banyan Ridge Estate, spans more than 11,800 square feet and sits on a 4-acre plot. It does not offer any water frontage.
However, his second home is situated on a plum corner lot that offers private water frontage on two sides, directly on the edge of the Biscayne Bay.
The property itself is of a similar size to the first, offering seven bedrooms and eight bedrooms, while spanning more than 10,400 square feet. However, the parcel included is less than an acre.
Nevertheless, Page will essentially have the best of both worlds between the two dwellings.
Each of the homes boasts its own distinct architectural style. Banyan Ridge has a more traditional Miami aesthetic, described in its original listing as a &#34;gated sanctuary&#34; that features eight &#34;unique residences and structures&#34; that are all connected by winding paths through the tropical grounds.
&#34;Expansive terraces, meditation gardens, and hidden courtyards evoke a world-class resort ambiance, while infinity pools and a private boathouse complete its coastal allure,&#34; the description noted. &#34;Banyan Ridge stands as the ultimate legacy estate-timeless, tranquil, and beyond compare.&#34;
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Meanwhile, the other dwelling, named Casa Bahia, is more contemporary, having been built in 2015 as a &#34;modernist structure&#34; that is uniquely juxtaposed with its tropical surroundings.
&#34;It appears to float above water and lush greenery, seeming to blur the boundaries between indoor and outdoor living,&#34; a previous description read.
Casa Bahia last traded hands in April 2021, when it was purchased by the Barnetts for $45.9 million, a relatively cheap price when compared to the $71.9 million Page paid.
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Page is only the second person to have ever lived in Banyan Ridge, which was built in 2008, six years after Lewis purchased the land for $1.8 million.
Coconut Grove has, in recent years, seen a huge influx of wealthy homebuyers drawn to the community by one very unique perk: walkability.
While it might seem like a small luxury, Alatriste previously told Realtor.com that residents' ability to stroll freely around the ultraexclusive community had resulted in a surge in property popularity.
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&#34;Walkability is the biggest selling tool right now,&#34;she said in November. &#34;In Coconut Grove, there are houses I couldn't sell a few years ago for $10 million, that now are selling for $30 million. It's because of the walkability, especially to Cocowalk.&#34;
Cocowalk, revamped in 2021, is an old-style village square in the marina-dominated neighborhood, bursting with independent boutiques, artisan vendors, family-owned restaurants, and lush gardens.
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You can take a Pilates class on the Cocowalk rooftop overlooking the harbor or relax with a glass of wine while catching the latest flick at the luxury cinema house.
&#34;It used to not be on the map,&#34; Alatriste says of the artsy, up-and-coming neighborhood, just a half-hour drive south of downtown Miami Beach.
&#34;Before, you had to introduce people to it. Now, people want to be able to have an ice cream at night with their kids and walk back to their house, or to walk their kids to school in the morning.&#34;
This story originally ran on Realtor.com.
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<p>Billionaire Google co-founder Larry Page has purchased two mansions in Coconut Grove, Miami, for over $173 million. The first mansion, bought for $101.5 million, features 13 bedrooms and 15.5 bathrooms, while the second was acquired for $71.9 million. This move comes amid a trend of billionaires leaving California due to a proposed wealth tax. Page has also relocated his family office to Delaware and moved another business to Florida. His new properties, located about four minutes apart, offer distinct architectural styles and waterfront access.</p>

- Billionaire Larry Page has purchased two mansions in Coconut Grove, Miami, totaling over $173 million, amid fears of a proposed wealth tax in California.  
- This tax, aimed at billionaires residing in California, could be passed before 2026, prompting many wealthy individuals to relocate.  
- Page's significant investments reflect a trend of high-net-worth individuals seeking homes in Florida for its favorable tax structure and lifestyle benefits.

Billionaire Google co-founder Larry Page shells out $173 million on Miami mansions