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Hong Kong-born engineer and husband buy entire private street in San Francisco for USD90,100

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Source: Coconuts HK/San Francisco Chronicle

Tina Lam and Michael Cheng have bought Presidio Terrace, a private street lined with expensive homes. Residents apparently had no idea the common spaces were up for sale. Photo: Nicole Boliaux, The Chronicle

According to the 

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, Hong Kong-born engineer Tina Lam and her husband, Taiwan-born Michael Cheng, bought a private street called Presidio Terrace — and are planning to charge its wealthy tenants to park on their own street.

The private street, which is a “

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”  gated community consisting of 35 megamillion-dollar mansions, has counted senators and mayors as residents over the years and has a guard stationed at its entrance 24/7.

At only USD90,100 (HKD705,000), Lam and Cheng got it at a steal — and it’s all thanks to a clerical error. Apparently, Presidio Terrace’s homeowners association have failed to pay their mandatory USD14-a-year (HKD110) property tax for the past three decades, racking up a USD994 (HKD7,777) debt in back taxes, penalties and interest. The association’s lawyer has since argued that the error was due to their bills being mailed to an accountant who hadn’t been in their employ since the ’80s.

As a result of the debt, the city of San Francisco put the entirety of the street’s “common ground” (the street, sidewalks, garden islands, palm trees, etc) up for auction online in 2015. Despite the fact that Lam and Cheng purchased the land two years ago, homeowners reportedly didn’t realize the ground beneath their feet had been sold until they were asked if they’d like to buy it back two months ago.

Unsurprisingly, the residents are none too pleased. On top of suing Lam and Cheng and the city of San Francisco, the homeowners have appealed to the city’s Board of Supervisors, who will hold a hearing on whether the sale should be revoked this October.

Lam and Cheng don’t seem deterred by the residents’ reluctance to comply, however. The Chronicle reports that the couple could bypass the homeowners entirely and rent out the street’s 120 premium parking spaces to people outside of the community — 

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... brought a street?   so many hidden content.

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wow, great deal on the buy, congrats to them and good for them, California's properties are expensive. 

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So they bought a street two years ago and did nothing with it until two months ago?

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thanks for sharing

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Don't suppose that they will pay the parking bill either. I do hope he charges at least as much as Charleston gets for a parking space. He should sell off the spaces one by one...no rent only fee simple!

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that is good to hear... they both must be very rich... it is pretty rare to see house owners buy the entire property.... it is good to have entire property including the house...

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Smart investment, they could make a lot of money from it out of someone else's mistake. 

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That is kinda cool that they were able to purchase an entire street.  That is a very wise investment these days.

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they are very good luck for this deal.  i need to keep on looking.

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