Residents of Presidio Terrace, a private street in San Francisco, were outraged after one couple scooped up their cul-de-sac in an online auction.
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.
Tech: A couple bought one of the most exclusive streets in San Francisco for $90,000 — now the city is making them give it back
