Google co-founder Sergey Brin is reportedly set to purchase a sprawling $50 million oceanfront mansion on Miami Beach’s exclusive Allison Island. This significant real estate move comes amid growing concerns among California’s wealthiest residents about potential new taxes, with Florida’s lack of state income tax proving increasingly attractive.
Key Takeaways
- Sergey Brin is acquiring a nearly 10,000-square-foot, newly constructed mansion on Miami Beach for $50 million.
- The property boasts 200 feet of ocean frontage on a nearly one-acre double lot.
- The purchase coincides with a trend of California billionaires relocating to Florida, attracted by its tax advantages.
- The mansion was previously owned by LVMH Americas chairman and CEO Michael Burke.
A Lavish New Abode
The newly constructed oceanfront home, completed in 2019, spans just under 10,000 square feet and sits on a substantial double lot, offering 200 feet of direct ocean access. While impressive, the property’s dimensions mean Brin’s $450 million megayacht, Dragonfly, will not be able to dock there due to its considerable length.
The estate is located within an exclusive gated enclave, providing a high degree of privacy. The property is noted for its modern design and ample wall space suitable for art display. Brokers familiar with the property have described it as a "fine home" with a "Guggenheim style" architectural staircase, though some have questioned its suitability for one of the world’s wealthiest individuals, with one source calling it "nothing super special."
Strategic Relocation Amidst Tax Scrutiny
Brin’s acquisition in Florida is particularly noteworthy given the recent surge in high-profile billionaires seeking residences in the Sunshine State. This trend is largely attributed to proposed tax increases targeting wealthy individuals in California. Florida, with its absence of state income tax, has become a magnet for the ultra-rich, joining existing residents like Jeff Bezos, Peter Thiel, and Ken Griffin.
This move also follows Brin’s recent acquisition of a second home in Malibu, California, reportedly bringing his total holdings there to $85 million. His Google co-founder, Larry Page, has also been active in the Florida real estate market, reportedly purchasing several properties in Coconut Grove for substantial sums.
The seller of the Miami Beach mansion is Michael Burke, chairman and CEO of LVMH Americas, who originally purchased the land as a teardown for $11.7 million in 2014. Although the home was not publicly listed, it was circulated as a "whisper listing."
Sources
- Sergey Brin is buying a $50M mansion in South Florida, New York Post.