Larry Page, Sergey Brin invest $225 million in Miami real estate as billionaires flee California's tax

Google co-founders Larry Page and Sergey Brin have significantly expanded their presence in South Florida, investing more than $225 million in luxury Miami real estate. At the same time, Alphabet, Google's parent company, has also increased its office footprint in the city. The moves come as California prepares to vote on a proposed billionaire wealth tax, according to a Fortune report, citing Bloomberg.

Miami office space

Alphabet has more than quadrupled its Miami office space, expanding from an existing 10,000-square-foot satellite office to approximately 45,000 square feet at 1450 Brickell Avenue in Miami's financial district. The office expansion was driven in part by the founders' growing presence in South Florida.

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Although the expansion marks a notable investment in Florida, Google's Miami office remains relatively small compared with its major campuses. The company's headquarters and surrounding offices in Mountain View, California, span more than 10 million square feet, while its New York Hudson Square campus covers 1.7 million square feet.

Larry Page and Sergey Brin's luxury property purchases

The report says Larry Page has spent approximately $188 million on Miami-area properties over the past year. His acquisitions include the $101.5 million Banyan Ridge estate in Coconut Grove, one of the most expensive residential purchases in Miami's history, as well as another nearby waterfront property.

Meanwhile, Sergey Brin purchased a $51 million waterfront mansion in Miami Beach, adding to his growing South Florida real estate portfolio. Together, the Google founders now own more than $225 million worth of Miami property, according to Fortune.

California wealth tax debate

The expansion comes against the backdrop of California's proposed ballot measure that would tax the assets of ultra-wealthy residents. The proposal has prompted several high-profile billionaires to establish residences or shift business interests to Florida, which has no state income tax.

While Page and Brin stepped down from executive roles at Google in 2019, they remain on Alphabet's board and retain majority voting control. Brin has also been actively involved in the company's artificial intelligence initiatives.

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Miami emerging as a tech hub

Page and Brin are part of a broader migration of technology billionaires to South Florida. Other prominent executives, including Meta CEO Mark Zuckerberg and Palantir CEO Alex Karp, have also invested in Miami-area properties or expanded business operations in the region.

Alphabet's office expansion signals that some wealthy newcomers are not only relocating their personal residences but are also helping build business operations in South Florida, reinforcing Miami's growing reputation as an emerging technology and finance hub.