A Lake Como-inspired estate in California’s Silicon Valley sold for a record $70 million to a buyer from the AI industry, highlighting how technology wealth is reshaping the region’s ultra-luxury housing market.The 12-acre property at 3000 Ralston Avenue in Hillsborough, south of San Francisco, became the most expensive home ever sold in the affluent town, more than doubling its previous record, reported The Guardian. It is also the priciest property sale in Northern California this year, according to listing agent Jennifer Gilson of Golden Gate Sotheby’s International Realty.Known as Villa de Verano, the estate was initially listed for $88 million and sold after spending about four months on the market. The property includes a six-bedroom, 12,400 sq ft main residence with a gym, theatre, spa and aquarium, along with a pool, rose garden, amphitheatre, guest house and a sports area featuring seven courts and a putting green.The buyer, described only as a man working in the AI industry, is the latest example of growing technology wealth spilling into Silicon Valley’s luxury housing market.“Even in the last year, there’s been a major increase of buyers from the AI world,” Gilson said, adding that the $70 million sale could be a “stepping stone” for the ultra-luxury market.The trend has coincided with OpenAI and Anthropic filing for IPOs, creating a new pool of wealthy executives and employees. Brokerage Compass has described a housing market increasingly divided by income and proximity to AI-driven employment centres.
Luxury demand lifts wider home prices
The surge is also being reflected in broader Bay Area housing prices. In San Mateo County, the median price of a single-family home rose 8.5% between May 2025 and May 2026.In San Francisco County, median prices jumped more than 20% over the same period, from $1.8 million to $2.2 million.Real estate agents are also seeing more wealthy buyers pursue off-market properties, allowing sellers and buyers to transact privately without homes being publicly listed.
