To buy this Bay Area home, you’ll need Anthropic equity

In an unusual real estate move, Bay Area homeowner and investment banker Storm Duncan is listing his 13-acre property in Mill Valley for Anthropic equity. Duncan, who bought the home for $4.75 million in 2019, created a LinkedIn page for the property, proposing an exchange with a young Anthropic employee who might be 'over-concentrated' in AI stock and 'under-concentrated' in real estate. He describes the deal as a 'diversification play' to balance his own portfolio, which he says is underweight AI investments relative to their future importance. The property is currently occupied by a high-profile VC, whom Duncan declined to name.

Potential buyers must email Duncan to discuss specifics, but he notes the transaction would be private and wouldn't require selling stock outright. Under the proposed terms, the buyer would retain 20% of the upside value of the exchanged shares during the lockup period. Duncan, a longtime Bay Area resident who moved to Miami during the pandemic, hasn't disclosed a target valuation for the deal. The offer highlights how AI wealth is reshaping real estate markets, with startups like Anthropic minting paper millionaires who may prefer tangible assets over volatile stock.