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Billionaires are fleeing California for Nevada — and not for the nightlife

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Billionaires are fleeing California for Nevada — and not for the nightlife


The most expensive condo sale in the Las Vegas area closed in early January for $21 million. If the sale of the 5,000-square-foot penthouse about 15 miles from the Las Vegas Strip had closed just a little more than a week earlier, it potentially could have saved the buyer a few hundred million dollars.

“He was looking for a while, and at the last minute, there was a little bit of a hiccup,” real estate agent Ivan Sher told Business Insider of the sale. “He was actually even under contract significantly before then.”

That “he” is billionaire Don Hankey, the chairman of Hankey Group and a lifelong Californian worth a reported $8.2 billion.

Hankey is one of a handful of Californians who have decided leave the state due to the proposed Billionaire Tax Act — a bill that would subject California residents worth more than $1 billion to a one-time tax worth 5% of their assets. For someone like Hankey, that’s about $410 million.

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“I just felt a little bit like I wasn’t wanted,” Hankey told Forbes of why he chose to leave California.


An aerial view of Summerlin, Nevada.

Summerlin, Nevada, where Hankey bought a penthouse.

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While Hankey may still be on the hook for the billionaire tax — the bill will be on the ballot in November 2026 and would retroactively tax individuals who were living in California on January 1, 2026 if passed — Nevada has welcomed Hankey and other high-net-worth individuals with open arms.

For the ultrawealthy ready to ditch California, but not the West Coast, Nevada offers a happy medium. With tax perks similar to Florida’s — no income tax and low property taxes — Nevada is slowly becoming the next nerve center for the rich.

Nevada’s luxury market is growing

Sher, who repped Hankey’s $21 million penthouse sale on both sides as the founder of real estate agency IS Luxury, said that while Las Vegas’ luxury market was already heating up, the news out of California kicked it into a higher gear.

“If people were to ask me what percentage of my buyers were from California, I’d say probably about 25%, and then for the first few years after COVID, that number was closer to 80%,” Sher said. “As soon as that billionaire tax was proposed, the exodus began again — but at a much higher level.”

The Las Vegas metropolitan area had about 331 millionaire households in 2019, according to RentCafe data. In 2023, that number jumped 166% to 879 households.

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Natalia Harris has been selling ultra-luxury real estate in the Las Vegas area for the last five years. In that time, she said the definition of “ultra-luxury” has changed in the Silver State.

“Back then, a home that was $10 million was ‘Wow’ for Vegas — that was at the top of the price point,” Harris told Business Insider. “Now we have three new listings that we just brought to market last week that are all between $11 million and $20 million.”

Zain Aziz, the founder of technology firm Atom and one of Harris’ high-net-worth clients, moved to the Las Vegas suburb of Henderson, Nevada, in 2025. He said leaving the high taxes and hectic lifestyle of Silicon Valley behind was bittersweet.

“You don’t really want to get punished if you do good and you create more jobs,” Aziz said. “I believe the Las Vegas Valley has become more and more what’s synonymous with what California used to be — which was free-spirited and ‘Come and achieve the impossible,’” he added.

Aziz isn’t the only one taking his assets elsewhere. Google cofounder Sergey Brin recently spent $42 million on a Lake Tahoe home on the Nevada side, according to Bloomberg. Larry Page, Google’s other cofounder, found a tax haven on the East Coast, buying two properties totaling about $173 million in South Florida.

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Billionaire Larry Ellison, who owns homes across the country and the world, bought a handful of properties in Lake Tahoe near the California-Nevada border. He also recently sold his San Francisco home for $45 million in the largest sale in the area in 2025, according to the San Francisco Standard.

Ultra-rich Californians would rather do business one state over

Has California lost its juice?

Aziz, who also moved his business to Nevada, said the culture that built California giants like Oracle and Google no longer exists there — it’s budding in the next state over.

“There’s no longer that innovative culture, and I believe where it exists is Vegas,” Aziz said. “I think that a lot of people from California who are chasing that are going to move to Vegas primarily because of the proximity to California.”


A mountainous luxury housing development outside Las Vegas.

A luxury development outside Las Vegas.

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For lifelong Californians not fully ready to leave the state’s sunny weather and stellar beaches behind, Las Vegas is a less than two-hour flight to Los Angeles or San Francisco.

It also helps that certain areas of Nevada can offer a taste of home. Harris described the MacDonald Highlands neighborhood of Las Vegas, which is about 15 minutes from the Las Vegas Strip, as the Hollywood Hills of Vegas, offering stunning mountain views that give way to a sparkling cityscape beneath.

For Aziz, the developments in Nevada represent promise.

“This will become the hub for the wealthiest,” he said. “The city wants that.”

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10-month-old found safe, North Las Vegas police cancel AMBER Alert

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10-month-old found safe, North Las Vegas police cancel AMBER Alert


Authorities have canceled an AMBER Alert after they say a 10-month-old child taken by a non-custodial parent was found safe.

North Las Vegas Police said Thursday that Leilani Williams (aka Leilani Duke) was taken by her father, Roderick Duke.

Duke and Leilani were last seen at an apartment complex in the area of Martin L. King Boulevard and Cheyenne Avenue at 1:40 a.m.

“An AMBER Alert has been activated due to Roderick being in emotional crisis and making threats to harm himself and 10-month-old Leilani,” NLVPD said in a statement.

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By 10:05 a.m., NLVPD said that Leilani was located unharmed.

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Officers took Duke into custody without further incident, and the AMBER Alert has been canceled.



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California Gov. Gavin Newsom speaks to Nevada Democrats in Las Vegas

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California Gov. Gavin Newsom speaks to Nevada Democrats in Las Vegas


California Gov. Gavin Newsom addressed Nevada Democrats who packed a Las Vegas brewery Wednesday evening for a discussion about his upbringing, his political life and efforts his state has taken to combat the Trump administration agenda.

Newsom, who has been floated as a possible White House contender for 2028, sidestepped a quip from former Nevada Gov. Steve Sisolak who introduced him as the next U.S. president amid cheers from the crowd.

“I’m very grateful for your friendship, and a friendship that’s only strengthened over the course of the last year or so,” Newsom told Sisolak.

Book tour stop

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The event, which served as a book tour stop for the California governor, was organized by the Nevada Democratic Party. It took place at Nevada Brew Works near Summerlin.

Nevada Assemblymember Daniele Monroe-Moreno, the state party chair running for North Las Vegas mayor, moderated the discussion.

It was part of the party’s Local Brews + National Views series that’s been bringing Democrats for similar discussions at intimate venues. Past speakers have included former President Joe Biden, Arizona U.S. Sen. Mark Kelly, and Illinois Gov. JB Pritzker.

Criticizing President Donald Trump, Newsom spoke about the immediate aftermath of the 2024 general election.

“We were handwringing, a lot of finger pointing, and a sense of weakness,” Newsom said. “And just incapable of dealing with this moment, this existential moment.”

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He said he is taking account for what he described as his own complicity.

“This happened on my watch. This is all happening on our watch,” Newsom said. “And so I realized that I needed to be better.”

That included his advocacy to redraw California’s Congressional map after Trump called for the same in Texas, he said.

“They’re not screwing around, nor are we,” he said about Trump and his administration. “All of us.”

‘You’re giving us a voice’

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Newsom spoke out against the surge of federal immigration enforcement operations in California and later Minnesota, calls from the Trump administration to nationalize elections, and cuts to government funding due to the One, Big, Beautiful Bill Act.

He said that pushback against Trump’s policies, including dozens of lawsuits filed by California, were making the president retreat on some of his proposals and policies.

“You’re filling the void, you’re giving us a voice, you’re giving us courage,” he told the crowd. “For things to change, we have to change. And it’s changing.”

The Republican National Committee reacted to Newsom’s Las Vegas visit. Earlier in the day, Newsom attended a private Boulder City event.

“Democrats are selling out to the spoiled, phony rich kid governor from California for years,” RNC spokesperson Nick Poche wrote in a statement. “President Donald Trump and Republicans are delivering major tax cuts and keeping Nevadans safe, unlike Democrats.”

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The national Republican Party also criticized California’s policies, and tied them back to Nevada Democrats.

Most of Newsom’s remarks weren’t specific to Nevada. He didn’t take any questions from media.

Polling shows Newsom and Vice President JD Vance leading in hypothetical races for their parties’ nomination. That includes a survey of likely Nevada voters conducted one by Emerson College Polling in November.

Contact Ricardo Torres-Cortez at rtorres@reviewjournal.com. The Associated Press contributed to this report.

 

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Second annual Nevada Nordic Freeheel Festival celebrates Tahoe winter recreation at SnowFest

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Second annual Nevada Nordic Freeheel Festival celebrates Tahoe winter recreation at SnowFest


INCLINE VILLAGE, Nev. – It’s time to “free your heels” and embrace Tahoe’s winter recreation at the Nevada Nordic Freeheel Festival on March 7. Whether you’re a seasoned pro at cross-country skiing or snowshoeing, or you’re trying to get your feet wet, Saturday’s event is teeming with nature, brews, and camaraderie. 

The Nevada Nordic Freeheel Festival takes place Saturday, March 7
Provided/SnowFest

Travel North Tahoe Nevada (TNTNV) is teaming up with Nevada Nordic, Tahoe Multisport, Alibi Ale Works, UC Davis Tahoe Environmental Research Center, Nevada Division of Outdoor Recreation and other local partners in the wondrous Tahoe Meadows, providing attendees a chance to engage with outdoor recreation experts, check out free cross-country and snowshoe rentals, and more.

“We’re excited to see the Nevada Nordic Freeheel Festival enter its second year, building on last year’s strong community response. In collaboration with our local partners, this event is thoughtfully curated with residents in mind – offering free equipment for the day, expert instruction, locally crafted brews, and other experiences in a welcoming setting,” said Andy Chapman, President and CEO of Travel North Tahoe Nevada. “It’s designed to make it easy for residents to get outside, try something new, and bring people together. Events like this reflect the spirit of North Lake Tahoe and what’s possible when our community comes together.”



Along with opportunities to test out free demos and rentals, there will be live music, beer tasting and races.

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Tahoe Meadows is known for its gentle trails, and is a popular spot for snowshoeing due to its flat terrain. This event, located near Chickadee Ridge, will offer stunning views of the surrounding mountains. 



This family-friendly event is on the second to last day of the 10-day SnowFest winter festival that’s been taking place in the North Lake Tahoe area. It starts bright and early at 9 a.m. and will close out at 2 p.m.

“Nevada Nordic is thrilled to be a part of SnowFest again this year,” said Meghan Pry, Nevada Nordic Board Member. “We love sharing our passion for cross-country skiing and watching our community grow. We are proud to keep winter recreation accessible by offering free access to our 20km trail network. This is the perfect opportunity for our community to gather together and free our heels!”

For more information about the Nevada Nordic Freeheel Festival or to check out the SnowFest schedule, visit tahoesnowfest.org

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