A shrewd Asian couple has managed to purchase an entire street lined with luxury mansions and palm trees in an extremely affluent San Francisco neighborhood for a mere $90,000, much to the dismay of the wealthy residents who live on the street.
Michael Cheng, from Taiwan, and his wife, Tina Lim, from Hong Kong, now own the oval-shaped road and landscaped islands which run through the city’s exclusive Presidio Terrace neighborhood following a public auction in 2015, according to the San Francisco Chronicle.
The road was up for auction because the Presidio Terrace homeowner’s association mistakenly failed to pay a yearly $14 property tax for years because a mailing address was out of date, causing the city’s tax office to put the property up for sale. While the price for the road started at $994, it was quickly bid up with the couple finally snagging the street with a $90,100 bid.
Most of the Presidio Terrace residents only learned that their road had been sold when a company reached out to them on behalf of the couple gauging residents’ interests about buying the property back. The residents have been less than neighborly in their response, worrying about what the couple will do to try to make a profit on their investment and filing a lawsuit.
Cheng, a Bay Area real estate investor, admits that he has a few options for making his investment pay off. If residents refuse to buy the road back at a higher price, he could also charge them for parking on the street.
So far, it’s not clear what direction Cheng plans to take and the dispute appears to be headed for the courtroom.
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