Los Angeles Billionaire Relocates to Nevada to Avoid California Wealth Tax
In a notable shift, billionaire Don Hankey has relocated from California to Nevada. This move comes as California proposes a new wealth tax aimed at billionaires. Hankey purchased a luxury penthouse for $21 million at the Summit Club near Las Vegas.
Relocation Details
The Summit Club boasts affluent amenities, including a renowned golf course and comprehensive wellness facilities. Hankey’s new penthouse, sized at 5,000 square feet, is valued as the highest condo sale in the area.
Background on Don Hankey
- Age: 82 years
- Net worth: Approximately $8.2 billion
- Founder of Hankey Group, established in 1972
- Started in the auto lending industry and expanded into diverse sectors
Hankey’s motivations for moving stem from California’s proposed 5% tax on billionaires, which he described as “ridiculous.” The tax would apply to assets held by billionaires as of January 1, 2026, aiming to generate $100 billion for healthcare and education.
Financial Implications of the Wealth Tax
If Hankey remained a California resident, he could owe an estimated $400 million under the new tax. His move is part of a larger trend where multiple wealthy individuals are exiting the state. Notable mentions include Larry Page and other tech billionaires.
