Assuming that you and your spouse used the property as your primary residence at least two-out-of-last-five years before the sale and that you are filing joint tax return - you may exclude from taxable income $500,000.
$1,000,000 would be your taxable income, but because you owned the property more than a year - the gain will be treated as long term and would be taxable at reduced rate up to 15%.
So - your additional federal tax liability is estimated as $150,000 plus you might be liable for AMT tax - depending on your other income and deduction - ~$2000
CA taxes will also be due 9.3% or $93,000 plus additional 1% for part of your income above $1,000,000
So I would estimate your total tax liability as ~$245,000.