Larry Page, the co-founder of Google and one of the world’s richest tech billionaires, has quietly assembled an extraordinary real estate portfolio in South Florida worth at least $188 million, New York Post reported, quoting property records and industry reports.
A trust linked to Page recently paid approximately $14.97 million for a nearly 6,400-square-foot home on Devon Road in Miami’s prestigious Coconut Grove neighbourhood, records showed.
What do we know about the property?
The property is the latest addition to Page’s sprawling multi-parcel estate that now spans more than four acres and includes several adjacent waterfront parcels.
The Coconut Grove enclave, popular with ultra-wealthy buyers, has become a magnet for billionaires in recent years.
Page had already spent roughly $173 million on two other luxury estates in the area, a 4.5-acre waterfront compound and a separate seven-bedroom mansion, bringing his total Florida holdings to nearly $188 million and potentially more if additional purchases close, The Real Deal reported.
Billionaires’ California exodus
This development comes amid a broader trend of ultra-wealthy individuals relocating from California to Florida, a shift that real-estate insiders attribute in part to a proposed “billionaire tax” in California.
The measure would impose a one-time 5% levy upon the state’s richest residents, whose fortunes exceed $1 billion.
Page and other tech billionaires have taken actions to minimize tax exposure, including moving business entities and residences out of the Golden State.
Page’s moves reflect a broader trend of wealthy tech executives and financiers relocating from high-tax states such as California to Florida’s business-friendly, no-state-income-tax environment.
Page’s real estate expansion places him among a growing cadre of titans drawn to South Florida’s luxury market.
Other high-profile investors such as Amazon founder Jeff Bezos and hedge fund billionaire Ken Griffin have also acquired significant property in the region, contributing to Miami’s reputation as a new hub for wealth and influence.