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Google co-founder and tech billionaire Sergey Brin has purchased a $51 million beachfront property in Miami, adding to the list of tech billionaires now choosing to live in Florida. The move follows Google counterpart Larry Page’s recent acquisition of a massive property in Coconut Grove. People believe the migration is happening because they want to escape California’s tax policies that will grow the luxury real estate market in South Florida.
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According to a report from The Real Deal, Brin purchased the home on exclusive Allison Island from LVMH Americas CEO Michael Burke. The deal marks another major purchase within Miami’s ultra-private enclaves such as Star Island and Indian Creek.
Brin’s move follows a pattern established by his co-founder. Larry Page spent more than $188 million to create a massive property in Coconut Grove that he purchased this year. The trend of buying trophy properties in the region now extends beyond Google’s founders to include other technology executives.
A proposed ballot initiative that would create new taxes on billionaires is the main reason for the exodus from California. Florida’s system of not charging residents state income tax provides residents with a considerable financial benefit.
The news generated immediate reactions that showed mixed opinions online. Users showed different opinions about the economic impact that migration would generate. “California is basically accelerating 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 are about to ruin South Florida.” People expressed concern about rising expenses because one person observed, “When billionaires choose a neighborhood, local prices don’t get priced out slowly, but overnight.”
