The wealthy residents of an exclusive San Francisco street have threatened legal action after learning that the communal areas outside their homes have been sold to a private investor for a combined total of just £70,000.
Despite the street’s mansions selling for millions of dollars, an unpaid tax bill saw the carefully manicured lawns and pristine pavements of Presidio Terrace auctioned for a mere $90,000.
Michael Cheng and his wife Tina Lam bought the gated street and now own the road, footpaths and other areas of “common ground” in the private development.
The auction stemmed from an unpaid bill after the homeowners association for Presidio Terrace failed to pay a $14-a-year property tax, something that owners of all 181 private streets in San Francisco must do, the San Francisco Chroniclereported.
The Californian city’s tax office put the property up for sale for $994 in an online auction to claw back unpaid back taxes, penalties and interest. The couple eventually won the street with a $90,100 bid in an April 2015 auction.
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