“South Florida by the numbers” is a web feature that catalogues the most notable, quirky and surprising real estate statistics.
Californians are known for their laid-back lifestyle, but the state’s billionaire class isn’t waiting around when it comes to tax exposure.
As proposals circulate that could skim serious cash off the largest fortunes, the state’s ultra-wealthy are making decisive moves; many of them to famously income-tax-free Florida. It’s a familiar story for the region: affluent New Yorkers came first, driven by state and local taxes and later, the pandemic. Now the West Coast’s richest residents are arriving with the same math-driven urgency.
We trade one beautiful beach for another in this sun-drenched edition of “South Florida by the Numbers.”
5%
Percentage of fortunes over $1 billion that the proposed California initiative aims to claim. If approved by voters, any billionaire living in the state as of Jan. 1, 2026 would be eligible for the one-time tax, leading to the exit of at least six of the state’s billionaires, with many more positioned to follow. Florida and Texas are their most popular destinations for residency.
$173 million
Amount spent in early January by Google co-founder Larry Page (one of the three wealthiest men in the world) to purchase two waterfront homes in Coconut Grove. Page was joined by fellow Google co-founder Sergey Brin in buying big-ticket local properties last month. That came on the heels of powerful venture capitalist Peter Thiel’s plans to open a Miami office for his family investment firm.
5.24
Number of acres Page owns along Biscayne Bay, after yet another waterfront Coconut Grove home purchase last month (contiguous with the estate he bought earlier in January). The home at 3320 Devon Road sold for $14.97 million after trading for $3.56 million in 2016.
6,863
Interior square footage of a two-story Vita at Grove Isle penthouse recently purchased for over $20 million by California financial executive Paul Wick and his wife, attorney Karin Wick. The unit also includes 5,100 square feet of exterior space on the terraces, including a private pool.
$5 Billion
Potential tax hit for an unnamed client of a South Florida real estate agent representing three California billionaires. The agent noted that ultra-wealthy “chatter” about moving to South Florida picked up speed during Miami’s high-profile Art Basel fair in early December and turned to action later that month as four or five affluent clients made purchases, inspiring others to quickly follow suit before the ballot initiative’s proposed deadline.
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.
