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Tech billionaire Google co-founder Sergey Brin purchased a $51 million Miami waterfront estate which adds to the list of tech billionaires who now choose to live in Florida. The move follows his Google counterpart Larry Page’s recent acquisition of a massive Coconut Grove property. People believe the migration happens because people want to escape California tax policies which will cause South Florida luxury real estate market to grow.
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According to a report by The Real Deal, Brin bought the home on exclusive Allison Island from LVMH Americas CEO Michael Burke. The deal marks another major purchase within Miami’s ultra-private enclaves like Star Island and Indian Creek.
Brin’s move follows a pattern set by his co-founder. Larry Page spent more than $188 million to create a massive Coconut Grove estate which he purchased this year. The trend of purchasing trophy properties in the region now extends beyond Google’s founders to include other tech executives.
A proposed ballot initiative which would create new taxes on billionaires stands as the main reason for the California exodus. Florida’s system of not charging residents state income tax provides residents with a considerable financial benefit.
The news generated immediate reactions which showed mixed opinions online. The users showed different opinions about the economic impact that migration would create. “California is basically speedrunning its own brain drain,” one commenter wrote. Another person declared that “Miami has become the new Silicon Valley.”
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The events created effects that specifically targeted Florida communities. The user said “Now they about to ruin South Florida smh.” People expressed worries about increasing expenses because one person observed “When billionaires pick a neighborhood, locals don’t get priced out slowly — they get priced out overnight.”
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