Larry Page, co-founder of Google, has joined the growing wave of billionaires leaving California to live in other parts of the United States. In his case, the choice is Miami.
The entrepreneur has decided to buy two mansions in this city for a combined value of $173.4 million. This is due to a potential new tax burden targeting the wealthiest California residents, which would require him to pay more than $12 billion in taxes in a single payment.
Larry Page chose Coconut Grove, one of Miami’s most exclusive and prestigious neighborhoods. This enclave, located south of the city’s financial district and with privileged views of Biscayne Bay, is known for its relaxed atmosphere, luxury shops, and the privacy offered by its residences.
There, Page acquired two sprawling properties, both with unique features that place them among the most coveted on the market.
The first mansion, known locally as ‘Banyan Ridge,’ is the jewel of the transaction. It is a 1.8-hectare (18,000-square-meter) beachfront estate that includes several residences, cottages, swimming pools, and lush gardens, all integrated around a monumental banyan tree.
The complex, which for years belonged to restaurateur, philanthropist, and civil rights activist Jonathan Lewis, was put on the market in June 2024 following Lewis’s death in 2023.
Page paid $101.5 million for this property, a significant reduction from the initial $135 million asking price. The mansion boasts 13 bedrooms, expansive common areas, and architecture that stands out for its seamless integration with the surrounding natural landscape. The transaction was finalized in December 2025, according to industry sources.
The second property, also located in Coconut Grove but not adjacent to the first, was acquired a few days later. In this case, the purchase price was USD 71.9 million. The mansion has a surface area of 1,579 square meters, distributed among seven bedrooms, several living rooms, and direct ocean views.
Until then, the property belonged to Roger Barnett, a pioneer in the wellness industry, and his wife, journalist and writer Sloan Barnett.
Larry Page’s decision to leave California and establish his primary residence in Florida is for tax reasons. In recent months, the state of California has promoted legislation aimed at taxing residents with assets exceeding $1 billion at a rate of 5%.
If this measure is approved, the impact on billionaires like Page would be direct and substantial. For the Google co-founder, whose fortune is estimated at $258 billion, the one-time payment could exceed $12 billion.
The proposal, spearheaded by the Service Employees International Union-United Healthcare Workers West (SEIU-UHW), seeks to raise up to $100 billion to cover the state’s healthcare deficit, affecting approximately 200 billionaires, according to estimates.
The bill, which still needs to gather enough signatures to reach the November 2026 ballot, includes a retroactive clause that would apply to California residents starting January 1, 2026. This retroactive nature has accelerated the departure of numerous business leaders and tech fortunes from the state, in search of more favorable and predictable tax systems.
