A mystery company backed by Silicon Valley billionaires has purchased tens of thousands of acres of land for more than $800 million to build a new city near San Francisco

A mystery company backed by Silicon Valley billionaires has been snatching up land in a northern California county in an apparent bid to build an entirely new city in the state.

The New York Times reported those investors include some of the Valley's most recognizable names, from Marc Andreessen to Laurene Powell Jobs.

The company, Flannery Associates, has spent $800 million to purchase thousands of acres of farmland in Solano County, which sits northeast of San Francisco, court documents obtained by Insider show.