A couple bought one of the most exclusive streets in San Francisco for $90,000 — take a look inside
Tina Lam and Michael Cheng are living their version of the American Dream.
The couple made headlines this week when a San Francisco Chronicle story outed their 2015 purchase of Presidio Terrace — a private cul-de-sac lined by 35 million-dollar mega-mansions.
An unpaid tax bill caused the City of San Francisco to put it up for sale, without the knowledge of the street's wealthy residents. Lam, an engineer in Silicon Valley, and Cheng, a real estate agent, scooped up the street, its sidewalks, and other "common ground" for $90,000.
Now residents are up in arms, in part because the couple wants to charge them rent for using the street's 120 parking spaces. The homeowners association has sued the couple and the city.
We visited the ultra-exclusive Presidio Terrace to see the street for ourselves.
Welcome to one the most exclusive streets in San Francisco.
Presidio Terrace is a block-long, oval street (and private development) that has been run by homeowners who live there since at least 1905, The San Francisco Chronicle reported.
Source: The San Francisco Chronicle
It has attracted some of the wealthiest and most powerful politicians in California over the years, thanks to enhanced security and its isolated location at the top of the peninsula.
See the rest of the story at Business Insider
Contributer : Tech Insider http://ift.tt/2vMsO7w
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