Monday, August 7, 2017

You Snooze, You Lose (and Someone Buys Your Street)

Bay Area couple buys private San Francisco street at a city auction -- unbeknownst to residents.

Photo Credit: San Francisco Chronicle

Thanks to a little-noticed auction sale -- and a comedically overlooked unpaid tax bill -- a Bay Area couple are now the proud owners of one of the most exclusive streets in San Francisco. And now the street's super-rich residents might actually have to pay to park on their own private street.

Tina Lam and Michael Cheng won Presidio Terrace for just over $90,000 at a city-run auction. The block-long oval private street, home to 35 multi-million-dollar mansions, was up for sale after the Presidio Homeowners Association failed to pay a $14-a-year property tax for thirty years. The homeowners apparently had no idea, and failed to pay because the tax bills had been going to an accountant's outdated address.

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