A luxury estate in the San Francisco Bay Area has been sold for a record $70m to a buyer reportedly from the artificial intelligence (AI) industry. The property, known as "Villa de Verano", is located south of San Francisco in Hillsborough.
According to listing agent Jennifer Gilson of Golden Gate Sotheby’s International Realty, this sale is the most expensive in Hillsborough, doubling a previous record, and the most expensive in northern California this year. Gilson stated that the new owner is a man in the AI industry, noting an increase in buyers from the AI world.
The sale is seen as a further indication of a housing boom in Silicon Valley, driven by AI wealth. An analysis last month found that over 140 San Francisco homes sold at least $1m above their asking price in the first half of this year. Median single-family home prices in San Mateo county increased by 8.5% between May 2025 and May 2026, while San Francisco county saw a more than one-fifth increase, with median prices rising from $1.8m to $2.2m.