Trouble is, some of the extremely wealthy residents of Presidio Terrace were not aware their street was up for sale and are not pleased it has been sold.
Lined with towering palm trees and multimillion dollar mansions, the street has been home, over the years, to famous residents including Sen. Dianne Feinstein and House Democratic leader Nancy Pelosi.
Thanks to a city auction stemming from an unpaid tax bill, Bay Area real estate investor Michael Cheng, and his wife Tina Lam, bought the street and now own the sidewalks, the street itself and other areas of "common ground" in the private development that, the San Francisco Chronicle reported , has been managed by the homeowners association since at least 1905.
It turns out the homeowners association for Presidio Terrace failed to pay a $14-a-year property tax, something that owners of all 181 private streets in San Francisco must do, the Chronicle reported.
A construction workers stands in front of a gate leading into the Presidio Terrace neighborhood Monday, Aug. 7, 2017.
- Residents didn't pay their taxes — so somebody bought their streetThe Boston Globe
- Wealthy San Francisco neighborhood fails to pay taxes, loses private street89.3 KPCC
- Wealthy San Francisco residents lose private street over tax billBBC News
- APNewsBreak: Dems seek federal payments to Trump businessIdaho Statesman
- San Francisco residents freaking out after swanky street sells for $90KUSA TODAY
- Residents outraged as San Francisco street auctioned off to private investor ...KGO-TV
- Swanky San Francisco Street Sells for $90K, Spurring SuitNBC 10 Philadelphia
- Taiwanese Couple Buys Street In San Francisco For $90000International Business Times
- Couple buy street with 35 mega-mansions on it after residents fail to pay $14 taxMetro