Coconut Grove Becomes America’s New Capital of Extreme Wealth

Coconut Grove is no longer just a historic enclave—it’s now the epicenter of a seismic shift in billionaire geography.

A historic surge in ultra-wealthy migration is reshaping Miami’s luxury landscape, and no deal captures the moment more vividly than Google co-founder Larry Page’s jaw-dropping $173.4 million buying spree in Coconut Grove. Page quietly acquired two neighboring waterfront estates, marking one of the most consequential luxury real estate moves in Miami history—and a flashing signal of Florida’s growing gravitational pull on America’s richest citizens.

Larry Page’s $173.4 Million Statement Move

According to people familiar with the transactions, Page purchased the iconic Banyan Ridge estate at 3585 Anchorage Way for $101.5 million in December. The 4.5-acre Biscayne Bay compound—one of the largest private waterfront estates in Coconut Grove—was previously owned by the estate of the late Jonathan Lewis, a renowned Miami restaurateur and LGBTQ advocate. The property had once sought as much as $135 million before ultimately changing hands.

The sellers were represented by Danny Hertzberg, Jill Hertzberg, Nathan Zeder, and Judy Zeder of the Jills Zeder Group, who declined to comment.

Page also paid $71.9 million for a 10,400-square-foot waterfront home at 3085 Munroe Drive, a seven-bedroom, eight-bath residence sold off-market. Together, the purchases total $173.4 million, instantly vaulting Page into the top tier of Miami’s most influential property owners.

A Defining Moment for Coconut Grove

Larry Page’s Coconut Grove activity now ranks among the most significant luxury acquisitions the city has ever seen. What was once a discreet, old-money waterfront neighborhood has become a magnet for the world’s most powerful tech fortunes.

“This is not just another luxury sale,” said Brett Harris of Bespoke Real Estate. “This is the one percent of the one percent. What we’re seeing right now is historic.”

Silicon Valley’s Great Exit

Page’s purchases come as high-profile tech investors increasingly speak out against California’s proposed wealth tax, which would impose a 5% annual levy on residents with net worths above $1 billion. The proposed policy has accelerated a quiet but decisive exodus of ultra-wealthy Californians—many of whom are choosing Florida for its lack of state income tax, business-friendly climate, and lifestyle appeal.

Page has discussed leaving California, and public records show multiple LLCs tied to him recently incorporated in Florida—further fueling speculation that Miami is not just an investment, but a long-term base.

Sergey Brin Follows the Sun

Page is not alone.

Fellow Google co-founder Sergey Brin recently arrived in Miami for Art Basel aboard his $450 million megayacht, Dragonfly, which docked in Biscayne Bay. While early rumors linked Brin to the Banyan Ridge estate, sources now say he is actively shopping for a waterfront property in Miami Beach, reinforcing the notion that South Florida has become the preferred refuge for tech’s elite.

Ron Shaich Joined the Migration

Adding to the billionaire influx is Ron Shaich, the founder and former chairman and CEO of Panera Bread and longtime restaurateur-investor, who has established residency in Coconut Grove, Florida. He continues to lead his investment vehicle, Act III Holdings, and chair major fast-casual brands like Cava and other portfolio companies from South Florida.

Records also show that Shaich acquired luxury property in the Miami area, including a significant residence in the Coconut Grove–adjacent Grove at Grand Bay condominium tower, a residence developed by David Martin—an off-market deal valued at over $12 million—further illustrating how wealthy business leaders are not just investing in local real estate but planting roots in South Florida.

Tax Policy Fuels Billionaire Migration

These high-profile moves reflect a broader trend among ultra-wealthy Californians relocating to Florida. California’s proposed wealth tax has become a flashpoint in national debates over taxation and the mobility of capital. As policies shift, so too do the choices of where the ultra-rich choose to live, work, and invest.

Miami’s New Power Shift

Once known primarily for finance, fashion, and leisure, Miami is now cementing its role as a strategic stronghold for global tech and business wealth. Coconut Grove, with its deep-water frontage, privacy, and proximity to downtown Miami, has emerged as the crown jewel of this transformation.

What Larry Page—and now Ron Shaich—has done is more than buy real estate. They have validated a movement.

As California debates taxing its billionaires, Florida is welcoming them with open arms, and Coconut Grove is rapidly becoming the most exclusive address in America’s great wealth migration.

This is not a trend.
It’s a turning point.

DATE: 01/07/2026
ADDRESS: 3585 Anchorage Way & 3085 Munroe Drive
MARKET: Coconut Grove
ASSET TYPE: Single-Family Residences

BUYER: Larry Page
SELLER: Jonathan Lewis Estate; Sloan Barnett & Roger Barnett (Shaklee Corporation)
TOTAL SALE PRICE: $173,400,000

Photo attributions: Wallpaper by “phoward” on Wallpapers.com