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Ironically, sales of houses on the street were restricted to whites only until 1948.
In the intervening two years, Lam and Cheng have been looking at ways to monetize their newly acquired plot.'We were looking to get title insurance so it could be marketable,' Cheng said.
A savvy couple have snapped up the best property deal in San Francisco, buying a gated street with 38 mansions on it for a mere ,000.
Tina Lam and Michael Cheng now own the roads, sidewalk and other previously public areas of Presidio Terrace, a cul-de-sac that has played home to Nancy Pelosi, among other notable figures.
But city spokeswoman Amanda Fried was unapologetic.'Ninety-nine percent of property owners in San Francisco know what they need to do, and they pay their taxes on time,' she said.'And they keep their mailing address up to date.'She added that her office can do 'nothing' about the sale now.
However, the homeowners' association is still trying to have the results of the auction overturned.
They were not pleased.'I was shocked to learn this could happen, and am deeply troubled that anyone would choose to take advantage of the situation and buy our street and sidewalks,' one homeowner, who did not wish to be named, told the Chronicle.
Others complained that the city did not notify them of the auction.
Over the past two years the residents of the gated street have gone about their business, unaware that the asphalt, sidewalks, manicured islands, plants and palm trees surrounding them were now owned by the couple.They discovered that the private street had been put up for a city auction because its property homeowners' association hadn't paid the annual county property tax in 30 years.Presidio Terrace, the most prestigious street in the city, was for sale because of a mere 4 in back-taxes, fines and interest.All this to make your searching experience safe and easy.We are continuously pushing forward with new developments, our site is now mobile friendly.
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