WSJ Mansion Section: Larry Page buys $188M in Coconut Grove and why Miami's 'Billionaires Grove' is the hottest luxury market
Feb 6, 2026
Key Points
- Google cofounder Larry Page has spent $188 million on three Coconut Grove properties since December, signaling billionaire-class confidence in Miami's transformation from bohemian enclave to ultra-luxury destination.
- Median single-family home prices in Coconut Grove have more than doubled to $2.3 million in 2025 from under $1 million in 2019, driven by walkability, schools, and hidden gated communities that offer privacy without visible gates.
- Developers are assembling multiple smaller properties into compounds and launching ultra-premium condo projects, with Four Seasons penthouses expected to reach $120 million, well above any prior neighborhood sale.
Summary
Miami's Coconut Grove has transformed into a luxury enclave for billionaires. Median single-family home prices more than doubled from under $1 million in 2019 to $2.3 million in 2025.
Google cofounder Larry Page has led the wave, spending $188 million on three properties since late December. He bought a $101 million waterfront estate, a $71.9 million property from heiress Sloane Lindeman, and a $15 million abutting parcel. Businessman Jorge Mas, chairman of construction firm MasTec, spent $100 million on two nearby properties. Both sit within miles of billionaire Ken Griffin's $106 million waterfront estate, purchased in 2022.
The neighborhood's pivot
Coconut Grove was once a sleepy bohemian enclave known mainly to locals. Its reinvention began roughly a decade ago with the CocoWalk redevelopment and the introduction of luxury condos featuring $20 million penthouses. During COVID, families relocated from out of town drawn to its walkability, high-end restaurants, proximity to Downtown Miami and Brickell, and prestigious schools like Ransom Everglade School and Carrollton School of the Sacred Heart. Unlike gated communities such as Miami Beach and Indian Creek, Coconut Grove's hidden gated communities, Ye Little Wood, The Moorings, and Camp Biscayne, remain subtle and lush, a key draw for ultra-wealthy buyers.
The condo market
Luxury condos have driven the resurgence. A developer who built high-end units a decade ago when others thought he was crazy sold his own penthouse for $17.8 million in 2023. CMC Group and Fort Partners are developing a Four Seasons-branded condo with units priced from $5 million to $16 million. Penthouses are expected to fetch $120 million combined, well above any condo previously sold in the neighborhood but developers say achievable.
Estate assembly
Developers and end users are assembling multiple properties into larger compounds. Average lot sizes in Coconut Grove, under an acre, are smaller than in competing luxury enclaves. Page exemplifies this strategy by acquiring Jonathan Lewis's $101 million waterfront property, then buying the abutting plot for $15 million and a nearby property for $71.9 million from Lindeman. A $16.5 million bayfront estate previously owned by Susie Welch, widow of former GE co-chairman Jack Welch, recently sold.