- Residents of a private street in San Francisco were outraged after one couple scooped up their cul-de-sac in an online auction and tried to sell it back to them for nearly $1 million.
- City leaders are now moving to rescind the sale.
SAN FRANCISCO — Tina Lam is an engineer with an engineer’s salary. She can’t afford to live on Presidio Terrace — one of the most exclusive streets in San Francisco — but she could buy the street.
In 2015, the City of San Francisco put the parcel up for sale after the homeowners’ association failed to pay property taxes on the street for more than a decade. Lam and her husband, Michael Cheng, paid $90,000 in an online auction to become the proud owners of the street, the sidewalks, and the well-manicured shrubbery around the 35 mega-mansions on Presidio Terrace. On Monday, the couple offered to sell it all back to residents for nearly $1 million.
Now, city leaders are moving to rescind the sale. On November 28, the San Francisco Board of Supervisors determined that the city’s tax collector did not make a reasonable effort to notify residents of the unpaid tax bill before awarding their street to the highest bidder — and voted to reverse the sale. Lam and Cheng will be reimbursed their $90,000.
For at least 17 years, the city’s Office of the Treasurer and Tax Collector mailed tax forms to the address of a now deceased bookkeeper, who worked for the homeowners’ association before retiring in the 1980s. Over the years, the $14 annual property tax went unpaid by the people who live on Presidio Terrace. (San Francisco taxes the private street as a separate parcel from the homes on it.) The bill racked up hundreds more dollars in penalties and interest.
Presidio Terrace, along with 1,400 other Read More Here