Billionaires, including notable figures like Larry Ellison and Sergey Brin, are increasingly purchasing luxurious properties in exclusive areas along the California-Nevada border. This trend appears to be a response to California’s proposed “billionaire tax.”
Recently, Brin acquired a Lake Tahoe estate in Nevada for $42 million. Ellison, co-founder of Oracle, has also been purchasing multiple high-end properties in Nevada’s upscale enclaves such as Crystal Bay and Incline Village, both renowned for their scenic lake views and private amenities.
Brin’s new mansion, situated in Crystal Bay, spans approximately 16,232 square feet and features seven bedrooms, 12 bathrooms, a theater, a large wine cellar, and extensive lakefront access. The location, with just over 300 residents, offers a serene environment, while Incline Village, home to around 10,000 residents, maintains its charm with stunning vistas of Lake Tahoe.
Ellison recently divested his substantial 11,000-square-foot mansion in San Francisco for $45 million, further distancing himself from California. Tax advisors speculate that the urgency behind such relocations is tied to the potential implications of California’s “2026 Billionaire Tax Act,” which could impose a one-time 5% tax on billionaires’ net worth if it passes in November 2026.
Critics, including billionaire David Sacks, have denounced the proposed tax as akin to asset seizure, suggesting it reflects a broader trend of punitive taxation policies in California.
Why this story matters
- Wealthy individuals are responding to potential tax changes, shifting their residences to minimize financial liabilities.
Key takeaway
- The potential “billionaire tax” is influencing significant changes in property ownership among the wealthy.
Opposing viewpoint
- Critics argue that the proposed tax constitutes an unfair seizure of assets rather than a legitimate tax policy.
