Wealthy individuals, including tech giants like Larry Ellison and Sergey Brin, are increasingly gravitating towards exclusive spots on the California-Nevada border, seemingly to safeguard their fortunes amid California’s proposed “millionaire tax.”
Brin made headlines recently, purchasing a lavish property in Lake Tahoe for $42 million last month. Meanwhile, Ellison, co-founder of Oracle, has been discreetly expanding his real estate portfolio across state lines in upscale Nevada neighborhoods such as Crystal Bay and Incline Village. These locations are lauded for their beachfront access, secluded settings, and breathtaking views of the lake.
Crystal Bay, where Brin acquired his new mansion, is on the north shore of Lake Tahoe in Washoe County, Nevada, and, with a population of just over 300 from the last census, it provides a significant degree of privacy.
Brin’s new residence offers an impressive 16,232 square feet of living space, featuring seven bedrooms, 12 bathrooms, a 10-seat theater, a wine cellar that can accommodate 1,687 bottles, and a cozy collection of 13 fireplaces.
This stunning home also boasts 525 feet of lake shoreline, complete with two boat lifts, a seasonal barge, and a private beach house.
Incline Village, also located on the north shore of Lake Tahoe, has around 10,000 residents and still offers stunning views of the water.
Recently, Ellison took a step back from California by selling an expansive mansion in San Francisco’s Pacific Heights for $45 million, which spans 11,000 square feet and includes five bedrooms.
David L’Esperance, a well-known tax advisor for billionaires, speculated that Ellison’s decisions could stem from a desire to avoid potential tax implications from the proposed California Billionaire Wealth Tax, which might result in significant losses for wealth advisors if passed during the upcoming November vote.
Upcoming California Tax Proposal
A proposed ballot measure, called the “Billionaire Tax Act of 2026,” aims to impose a one-time tax of 5% on the net worth of billionaires in the state. Voting on this initiative is slated for November 2026.
Meanwhile, billionaire David Sachs, known for his role in Donald Trump’s administration, referred to the tax as “billionaire tax theft.” He emphasized at the World Economic Forum that it amounts to an asset seizure, marking a concerning trend for the wealthy.
Interestingly, Sachs, who has advocated for various left-leaning policies in California over two decades, has since relocated to Texas.
