New owner is said to be involved in AI industry, as new class of multimillionaires is entering the real estate race

A luxury Lake Como-inspired estate in the San Francisco Bay Area has sold to a buyer “in the AI world” for a record $70m, in the latest sign of a new tech wealth boom that’s pushing home prices to extraordinary heights in the region

The property south of San Francisco not only becomes the most expensive sale in its affluent town of Hillsborough, doubling a previous record, but is also the most expensive sale in northern California this year, according to listing agent Jennifer Gilson of Golden Gate Sotheby’s International Realty.

Experts say growing trend on sites such as Polymarket and Kalshi could motivate people to start fires to win money

A group of US lawmakers is sounding the alarm over prediction market platforms that allow users to bet on wildfires, as experts warn the emerging trend could raise the risk of arson.

Democratic senators from six states sent a letter this week to the chair of the Commodity Futures Trading Commission (CFTC), an independent government agency regulating platforms such as Polymarket and Kalshi, urging it to rein in the practice.