A Lake Como-inspired estate in the San Francisco Bay Area has sold for a record $70 million, marking the highest property sale in northern California this year and doubling the previous record in the affluent town of Hillsborough.

The property, known as "Villa de Verano" and located at 3000 Ralston Avenue, was purchased by a buyer identified only as a man involved in the AI industry. The estate features a six-bedroom, 12,400-square-foot home equipped with a gym, theater, spa, and aquarium. The 12-acre grounds include a pool, rose garden, amphitheater, guest property, and a sporting area with seven courts and a putting green.

Initially listed at $88 million, the estate was on the market for just under five months before the sale. Its grandeur surpasses other notable Hillsborough homes, such as Bing Crosby’s $25 million residence, Elon Musk’s former $32 million home, and the Levi Strauss-connected $17.8 million Koshland Estate.

Listing agent Jennifer Gilson of Golden Gate Sotheby’s International Realty noted a significant increase in buyers from the AI sector over the past year, suggesting this sale could signal the start of a new ultra-luxury trend. She also observed that wealth influx is coming not only from AI companies but increasingly from traditional industries as well.

This sale is part of a broader housing boom in Silicon Valley fueled by AI wealth. An analysis last month found that over 140 San Francisco homes sold for at least $1 million above their asking price in the first half of 2026.

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