Larry Page's Miami Move Spares Him Nearly $15 Billion in California Tax

By Daniel Okafor

Larry Page stands to avoid nearly $15 billion in taxes by leaving California before its billionaire levy takes effect. The Google cofounder, worth $292 billion according to Bloomberg's Billionaires Index, would have owed that sum under Prop 40 had he stayed past Jan. 1, 2026.

Californians vote on the ballot measure in a matter of weeks. It would impose a one-time 5% tax on billionaires who lived in the state as of the cutoff date.

Page did not wait for the result. In late December, his family office Koop converted out of California and incorporated in Delaware, as Fortune's Sasha Rogelberg reported. Three other organizations tied to Page — Flu Lab LLC, One Aero and Oceankind — made the same move that month, according to Rogelberg's analysis of state filings.

What did Page buy in Miami?

Two estates, for a combined $173.4 million. The Wall Street Journal reported the purchases early this year, citing people familiar with the matter.

• A $101.5 million, 11,855-square-foot property in Coconut Grove. Redfin called it the most expensive U.S. home sale of December and the fourth priciest of 2025.
• A nearby home on Munroe Drive for $71.9 million, according to Miami-Dade property records.

Page spent roughly 1.2% of his net worth on the two properties to sidestep a 5% levy. That arithmetic explains the migration now reshaping both coasts.

Who else left before the cutoff?

Amazon founder Jeff Bezos moved from Seattle to Miami in late 2023. He later sold his Hunts Point mansion for a record $63 million and now lives in a $237 million Miami compound with his wife, Lauren Sánchez Bezos. Washington State has since passed a 9.9% tax on household income above $1 million, and voters there decide Nov. 3 whether to repeal it.

Former Starbucks CEO Howard Schultz announced his own move from Seattle to Miami in March, as Washington lawmakers advanced the millionaires tax. He reportedly paid $44 million for a Miami penthouse. Bezos said he moved to be closer to his parents, and Schultz wrote the couple was "enjoying the sunshine of South Florida and its allure to our kids on the East Coast."

Google cofounder Sergey Brin moved to the Nevada side of Lake Tahoe and also bought a Miami home. Venture capitalist Peter Thiel and former Uber CEO Travis Kalanick left California as well.

Florida has no income tax, no capital gains tax and no wealth tax. That structure keeps pulling money in after the one-time levy prompts the move. Miami developer Robert Rivani, who relocated from Los Angeles, told Fortune it is "a huge boon for us."

Some brokers say the departures are reluctant. "They want to stay in the state of California, because they love where they're at, and they never thought of moving," Compass agent Michael Martirena told Fortune's Marco Quiroz-Gutierrez. "But they work very hard for their money, and they said they like their pocketbook much more."

How much has the exodus cost Prop 40?

Page, Brin, Thiel and Kalanick alone would have owed about $29 billion, according to a recent Fortune estimate. That sum exceeds a fourth of the measure's projected $100 billion haul.

The fight over the ballot has been lopsided. Opponents have spent more than $187 million fighting Prop 40, against roughly $32 million from supporters. Two billionaire-backed countermeasures, Props 41 and 42, would nullify Prop 40 if either draws more votes.

Even passage may not settle the question. The Jan. 1 residency date is likely to face court challenges, according to the California Budget & Policy Center, because California weighs factors like time spent in the state and business ties when deciding who counts as a resident. Page's Delaware filings and Miami deeds will be evidence either way.