The Right Coast

Editor: Thomas A. Smith
University of San Diego
School of Law

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Wednesday, August 9, 2017

Couple Buys Mansion-Lined San Francisco Street for $90K

(Newser) – A real estate-savvy couple is now the proud owner of the streets and sidewalks of uber-wealthy, uber-exclusive San Francisco gated community Presidio Terrace. But residents of the 35 mega-mansions lining the private, oval-shaped street are pushing back, reports the San Francisco Chronicle. South Bay couple Tina Lam and Michael Cheng scooped up the street at a city-run auction for a little over $90,000 in 2015. The street was up for grabs due to unpaid property taxes that the community’s homeowner’s association neglected to pay for 30 years. Seeking to recover the $14 owed per year, the city put the street up for sale. (Plus interest and penalties, the bill amounted to a whopping $994.) Residents say they didn’t know about the back taxes or sale until this May, when a title search company hired by Cheng and Lam sent out letters asking if property owners were interested in buying the street back.



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