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 The homeowners apparently had no idea, and failed to pay because the tax bills had been going to an accountant's outdated address.
