A Lake Como-inspired estate in Hillsborough, south of San Francisco, has sold for a record $70m to an unnamed man said to work in artificial intelligence. The sale is being presented as evidence that AI-linked wealth is intensifying competition for high-end homes across Silicon Valley, widening the gap between luxury and ordinary housing markets.

The 12-acre Villa de Verano was listed at $88m and sold after about five months, making it northern California’s most expensive home sale this year and doubling Hillsborough’s previous record. It includes a six-bedroom, 12,400 sq ft house, leisure facilities and sports courts; meanwhile, San Mateo county’s median single-family home price rose 8.5% year-on-year, while San Francisco county’s median increased from $1.8m to $2.2m.