Real estate on Indian Creek and Allison Island — both in the Biscayne Bay — has reached new highs as California billionaires flock to Miami.
Jeffrey Greenberg/Universal Images Group via Getty Images
California billionaires, spooked by a proposed wealth tax, are hunting for real estate in Miami.
Larry Page set off the "gold rush," a local agent said. Sergey Brin and Mark Zuckerberg may follow.
These are the neighborhoods where some of the world's richest people are putting down roots.
With a proposed billionaire tax spooking California billionaires, some of the world's richest people are turning to Miami.
Over the past couple of months, Google cofounder Larry Page has spent more than $180 million on three properties in the county, and reports indicate that his cofounder, Sergey Brin, and Meta CEO Mark Zuckerberg are not far behind. That would put four out of the five wealthiest people in the world in Miami — Jeff Bezos, also among that esteemed rank, already lives there.
The impetus may be a proposed wealth tax in California that, if passed, would subject residents with a net worth of more than $1 billion to a one-time 5% tax on their wealth.
Florida famously has no state income tax — a fact that proponents of the Sunshine State proudly say is written into its constitution.
"What had happened was that there was a ringleader, Larry Page, who closed on his property the last days of December, and that sounded the alarm for the others," Dina Goldentayer, an agent at Douglas Elliman, told Business Insider. "It's like a gold rush."
Long a bastion for the wealthy, these tech billionaires are bringing a new kind of money to the area — and pushing up home prices.
"The market ceiling keeps rising because you can't add more single-family lots," Ana Bozovic, a founder of Analytics Miami, told Business Insider about prime waterfront neighborhoods.
These are the neighborhoods where billionaires are putting down roots and touring homes, according to real estate agents and property records.
Indian CreekIndian Creek Island is fully private and open only to property owners, their guests, and their employees.
Jeffrey Greenberg/Education Images/Universal Images Group via Getty Images
Called the Billionaire Bunker, this private island in Biscayne Bay has long been home to the ultrarich and is known for its intense security, 25,000-square-foot mansions, and exclusive golf club.
Carl Icahn and Tom Brady have homes there, as do Jared Kushner and Ivanka Trump. Amazon founder Bezos, who has purchased three properties on the island for $237 million, made it his home base in 2023 — a year after a 7% capital gains tax went into effect in his home state of Washington. Since his arrival, prices have increased; a 1.84-acre lot neighboring his property sold for $105 million last year.
Zuckerberg may be next. He is circling a waterfront property on the island that is listed for $200 million, The Wall Street Journal reported. That would set a record for both the ritzy island and the county as a whole.
Allison IslandAllison Island is home to luxury condominiums and waterfront mansions.
Jeffrey Greenberg/Universal Images Group via Getty Images
Allison Island is a gated private island in northern Miami Beach. While less exclusive than the better-known Indian Creek, it boasts 24/7 security and ample waterfront — which, agents said, translates to high prices.
There are several eight-figure properties for sale on the island, and Page's Google cofounder, Brin, is eyeing a $50 million home there, The Wall Street Journal reported. At the end of last year, the pair began cutting their ties to California, where Google is headquartered.
Fisher IslandOn Fisher Island, long a home to billionaires, condos can go for eight figures.
photosvit/Getty Images
Fisher Island is home toresident-only restaurants and drama surrounding members-only clubs. Accessible only by boat or helicopter, the island's main draw is the fact that residents can't be disturbed by outsiders.
"Fisher Island is like a boutique, it's like a unique place — you cannot find land over there," Yizhak Toledano, CEO of Sky Development, told Business Insider.
The community is 216 acres — compared to the nearly 300-acre Indian Creek — and has about 800 residents who mostly live in the many condos on the island, which can go for as much as $40 million.
Coconut GroveCoconut Grove, which was a relatively little-known community, has been in the spotlight since Ken Griffin purchased property there in 2022.
Barry Winiker/Getty Images
With coveted waterfront properties and a history of famous residents, Coconut Grove has gone from bohemian to luxury. Over the last five years, though, sales have reached new heights.
It's where Ken Griffin spent a record-breaking $106 million on an estate in 2022, and where Google cofounder Page has set up shop. He spent more than $180 million on three properties in the neighborhood, including a $101.5 million compound with a pool, grottos, a guest house, and a gym, and $71.9 million property with seven bedrooms.
Coral GablesCoral Gables offers ample waterfrontage, which can boost home values.
felixmizioznikov/Getty Images
Home to the University of Miami, Coral Gables is a neighborhood that offers an urban lifestyle and the waterfront that wealthy residents often seek.
The tony neighborhood is highlighted by the exclusive Gables Estates, a gated community — named the most expensive neighborhood in the country — home to celebrities like Pharrell Williams, who bought a $30 million home, and The Weeknd, who purchased a $50 million property in 2025.
Last month, billionaire businessman Jorge Mas bought two properties there, including a mansion that sold for a record-breaking $75 million, The Real Deal reported.