A couple based in California bought a San Francisco street with homes worth millions of dollars for just $90,000, thanks to a little-noticed auction sale.
A couple based in California bought a San Francisco street with homes worth millions of dollars for just $90,000, thanks to a little-noticed auction sale, San Francisco Chronicle reported on Monday. The couple had purchased the street in an auction in April 2015. The street named as Presidio Terrace is considered to be one of the most exclusive streets in San Francisco. It hosts houses worth millions of dollars. The affluent residents of the street are, however, shocked and showing their resistance towards the couple’s decision of buying it.
The couple, Tina Lam and Michael Cheng, who is a real estate investor, purchased the street worth millions for a meagre $90,000 during a city sell off in 2015. This selling off of the street was done without the knowledge of the occupants of the street, reported San Francisco Chronicle. The auction was a closing sell off due to Presidio Homeowners Association not paying the $14 yearly charge for over 30 years. This default in payment was made due to what the lawyers called a default in the mail.
In a talk with the Chronicle, Michael said, “We just lucked out.” The couple is presently charging the residents for parking on the street which is now Lam and Cheng’s private property. The agitated residents have filed a suit against Lam, Chang and also the city along with a petition to have the sale revoked.
“Ninety-nine percent of property proprietors in San Francisco comprehend what they have to do, and they pay their duties on time- and they stay up with the latest. There is nothing that our office can do,” Amanda Fried, the city representative told Chronicle.