Larry Page, co-founder of Google, has made headlines in the real estate market by acquiring two luxurious estates in Miami’s Coconut Grove neighborhood for a total of $173.4 million. As tech billionaires increasingly invest in Florida amid potential wealth tax changes in California, Page’s latest purchases could signal a strategic shift in his business operations away from the Golden State.
A $101.5 Million Legacy Estate
Page’s first acquisition, Banyan Ridge, is a stunning 4.5-acre waterfront estate that cost him $101.5 million. This sale, finalized in December, ranks among Florida’s most significant residential transactions. Previously listed for as much as $135 million, Banyan Ridge is a rare gem, being only the second property owner since its inception.
The estate was previously owned by Jonathan Lewis, a notable Miami restaurateur and son of Peter B. Lewis, former CEO of Progressive Insurance. Rather than a single residence, Banyan Ridge functions more like a private resort, boasting multiple structures interconnected by picturesque paths amidst lush tropical landscaping. It offers expansive terraces, meditation gardens, and numerous luxury amenities.
One of the main residences dates back to the 1920s, constructed for former U.S. Secretary of State William Jennings Bryan. A second primary home was built for Lewis’ father, creating a combined living area of around 11,800 square feet on grounds that are difficult to replicate due to zoning restrictions in the area. Notably, however, Banyan Ridge lacks direct waterfront access, a gap that Page’s next acquisition would soon fill.
A Second Home With Waterfront Access
Just days later, on January 5, Page finalized a second acquisition in Coconut Grove, purchasing a contemporary mansion for $71.9 million from heiress Sloan Lindemann Barnett and her husband, Roger Barnett, CEO of health-supplement company Shaklee. This modern home, built in 2015, encompasses approximately 17,000 square feet and is uniquely positioned with water on two sides, directly along Biscayne Bay.
Featuring a modernist design with large glass walls and seamless indoor-outdoor living spaces, the mansion was described as appearing to “float” above the surrounding landscape in earlier listings. The Barnetts had purchased the home in 2021 for $45.9 million, indicating a significant appreciation in value, especially since the property was not actively marketed during Page’s acquisition.
With both properties, Page secures a vast private estate alongside a stylish waterfront residence, providing him with both space and shoreline in a desirable Miami location.
Why Miami, Why Now?
Larry Page and Sergey Brin, co-founders of Google, are currently the second and third richest individuals globally, with net worths of $285 billion and $266 billion, respectively. Most of their wealth is attributed to their approximate 6% stake in Alphabet, resulting in substantial valuations amidst concerns regarding the tech-heavy California economy.
California is reportedly considering a “Billionaire Tax,” imposing a 5% tax on the value of assets, including shareholdings, for those with stakes exceeding $1 billion. However, Alphabet’s unique dual-class share structure affords its founders significant voting power, impacting their effective tax liability. This dual structure could subject Page and Brin to a taxable wealth value inflated from $240 billion to approximately $1.2 trillion, leading to tax obligations that could reach $60 billion each.
This looming tax scenario has prompted both founders to reposition their business interests, with Page taking proactive steps to mitigate potential impacts. In December, an LLC linked to Page and Brin transitioned from California to Delaware, a move often favored for its favorable tax climate. The conversion was completed just before the proposed tax’s residency cutoff, highlighting a strategic shift in their operational bases.
As the proposed billionaires tax threatens substantial financial implications, it’s evident that tech moguls are reassessing their residency and investment strategies, with Page’s recent real estate moves in Miami exemplifying this trend.
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