Time is running out: how to move your company out of California [step-by-step]

Attorney and CPA Chad D. Cummings analyzes the July 26, 2026 sale of Steve Wynn’s Beverly Hills estate. Wynn purchased the 2.7-acre property in 2015 for $47.85 million, invested millions in renovations that expanded it to 27,000 square feet with 11 bedrooms and 14.5 bathrooms, listed it for $110 million in January 2021, and ultimately sold it for $47.75 million—$100,000 less than the original purchase price before any improvements. Listing agent Leonard Rabinowitz of Christie’s International Real Estate called the outcome disappointing and attributed it directly to California’s tax environment and the proposed billionaire tax, which have caused high-net-worth residents to leave the state and shrink the buyer pool. This is the second-order consequence of the exodus documented across this channel: when the potential buyers of $100 million homes relocate to Florida and Texas, sellers in Beverly Hills cannot clear previous price levels. The transaction stands as the highest-priced home sale in Beverly Hills for 2026, yet it closed below the 2015 acquisition cost. Larry Page, Sergey Brin, Mark Zuckerberg, Peter Thiel, Travis Kalanick, and David Sacks are among those who have shifted capital out of California. Miami is setting records while California’s ultra-luxury market softens. The state’s wealth tax measure, set for the November 3 ballot, would impose a five percent levy on billionaire assets and has already drawn statements that the threshold will not remain fixed at one billion. Combined with a 13.3 percent top income tax rate, an 8.84 percent corporate rate, and the nation’s highest state sales tax, California has become expensive to live in, operate in, and now sell in. The agent stated the buying pool is shrinking—in the present tense. Learn more about how to move your company out of California: https://www.cummings.law/redomestication/move-business-out-of-california