$70 million sale: How AI boom is pushing Silicon Valley luxury housing to new heights

The sale of a lavish $70 million estate in Silicon Valley's Hillsborough has set a new record for the most expensive property ever sold in the affluent town, outpacing the previous record by more than double. The 12-acre property, known as Villa de Verano, is situated at 3000 Ralston Avenue, south of San Francisco. The mansion boasts six bedrooms, 12,400 square feet of living space, and a plethora of luxurious amenities, including a six-bedroom, 12,400 sq ft main residence, a gym, theater, spa, aquarium, pool, rose garden, amphitheater, guest house, and a sports area with seven courts and a putting green.

The estate, initially listed for $88 million, was sold after spending about four months on the market. The buyer remains anonymous, but is said to be an individual working in the AI industry. Jennifer Gilson, the listing agent with Golden Gate Sotheby’s International Realty, noted a significant uptick in AI industry buyers entering the ultra-luxury housing market, suggesting that this $70 million sale could act as a catalyst for the sector.

This trend is paralleled by the IPOs of notable AI companies such as OpenAI and Anthropic, which have generated a wealth of new tech executives and employees. Consequently, the housing market in the region has become increasingly segregated based on income and proximity to AI-driven employment centers.

This surge in luxury demand has also had a ripple effect on broader Bay Area housing prices. In San Mateo County, the median price of a single-family home increased by 8.5% between May 2025 and May 2026. In San Francisco County, median prices saw a more substantial rise of over 20%, climbing from $1.8 million to $2.2 million. Real estate agents are increasingly encountering wealthy buyers who prefer off-market transactions, enabling sellers and buyers to negotiate privately without the property being publicly listed.