"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.""
"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. "I just felt a little bit like I wasn't wanted," Hankey told Forbes of why he chose to leave California."
Nevada is drawing wealthy Californians wary of a proposed California Billionaire Tax Act that would impose a one-time 5% levy on residents with over $1 billion in assets. High-net-worth individuals like Don Hankey have moved residency to Nevada, attracted by no state income tax and low property taxes. A $21 million Las Vegas-area penthouse sale exemplifies rising demand in Nevada's luxury real-estate market. Some migrants face potential retroactive tax liability if the measure passes in 2026, but Nevada officials and real estate brokers are actively courting ultrawealthy buyers. The influx is reshaping local luxury development and sales patterns.
Read at Business Insider
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