Inside the billionaire enclaves just out of reach of CA’s wealth tax

Big-money billionaires, such as Larry Ellison and Sergey Brin, are moving to upscale communities at the California-Nevada border to buy property and potentially avoid California’s proposed “billionaire tax.”

Brin recently purchased a $42 million Lake Tahoe estate in Nevada, while Oracle co-founder Larry Ellison has been quietly acquiring luxury homes just across the state line in elite Nevada neighborhoods like Crystal Bay and Incline Village, known for their private beaches and stunning lake views.

Crystal Bay, where Brin purchased his mansion, is situated on the north shore of Lake Tahoe in Nevada’s Washoe County, offering privacy with a population of just over 300 people based on the 2020 Census.

Brin’s new residence features 16,232 square feet of living space, including seven bedrooms, 12 bathrooms, a 10-seat theater, a 1,687-bottle wine cellar, and 13 fireplaces.

The mansion also includes 525 feet of lakefront property with two boat lifts, a seasonal boat barge, and a beach house.

Incline Village, also located on the north shore of Lake Tahoe in Washoe County, has a larger population of around 10,000 people and offers breathtaking lake views.

Ellison recently sold his 11,000 square foot mansion in San Francisco for $45 million, signaling his departure from California.

Concerns about the potential impact of California’s proposed “2026 Billionaire Tax Act,” which aims to levy a one-time tax of 5 percent on the net worth of the state’s billionaires, have led wealthy individuals like Ellison to consider relocating.

David Sacks, a billionaire and tech executive, criticized the billionaire tax as asset seizure rather than a legitimate tax, prompting his move from California to Texas after decades of progressive policies in the state.