Thesedays,thepriceofaSanFranciscohomecaneasilytopamilliondollars. However,onesavvyinvestorhasboughtupawholestreetinthecity’smostexclusiveneighborhoodforamereUS90,000.Troubleis,someoftheextremelywealthyresidentsofPresidioTerracewerenotawaretheirstreetwasupforsaleandarenotpleasedithasbeensold.PresidioTerraceisanoval-shapedstreetsealedoffbyagatefromthetonyPresidioHeightsneighborhood.Linedwithtoweringpalmtreesandmultimillion-dollarmansions,thestreethasbeenhome,overtheyears,tofamousresidentsincludingUSSenatorDianneFeinsteinandUSHouseofRepresentativesDemocraticleaderNancyPelosi.Thankstoacityauctionstemmingfromanunpaidtaxbill,BayAreareal-estateinvestorMichaelCheng,andhiswife,TinaLam,boughtthestreetandnowownthesidewalks,thestreetitselfandotherareasof“commonground”intheprivatedevelopmentthat,theSanFranciscoChroniclereported,hasbeenmanagedbythehomeownersassociationsinceatleast1905.Chengsaysreactiontothesalehasbeenlessthanneighborly.“Ithoughttheywouldreachouttousandinviteusinasnewneighbors,”Chengsaid.“Thishascertainlyblownupalotmorethanweexpected.”ItturnsoutthehomeownersassociationforPresidioTerracefailedtopayaUS14-a-yearpropertytax,somethingthatownersofall181privatestreetsinSanFranciscomustdo,theChroniclereported.Sothecity’staxofficeputthepropertyupforsaleatthecostofUS994inanonlineauctiontoregainunpaidbacktaxes,penaltiesandinterest.ThecoupleeventuallywonthestreetwithaUS90,100bidinanApril2015auction.ScottEmblidge,theattorneyforthePresidioHomeownersAssociation,saidinalettertothecitythattheownersfailedtopaybecausethetaxbillwasmistakenlybeingsenttotheaddressofanaccountantwhohadnotworkedforthehomeownersassociationsincethe1980s,theChroniclereported.Emblidgesaidtheresidentsdidnotknowtheirstreetwasputontheauctionblock,letalonesold,untilMaywhenatitlesearchcompanyhiredbyChengandLamreachedouttoaskifanyresidentshadinterestinbuyingbacktheproperty.ThatwasoneofseveraloptionsChengandLamhaveconsideredformakingtheinvestmentpayoff.Anotheroptionistochargeresidentstoparkontheirstreet—andrentoutthe120parkingspacesthatlinethegrandcircularroad.“Aslegalownersofthisproperty,wehavealotofoptions,”Chengsaid,addingthatnothinghasbeendecided.Themattercouldbeheadedforcourt.Lastmonth,thehomeownerspetitionedtheBoardofSupervisorsforahearingtorescindthetaxsale.TheboardhasscheduledahearingforOctober.Thehomeownersassociationhasalsosuedthecoupleandthecity,seekingtoblockChengandLamfromsellingthestreettoanyonewhilethecityappealispending.
