Couple buys one of the most exclusive streets in San Francisco for $123K

Couple buys one of the most exclusive streets in San Francisco for $123K

Presidio Terrace in San Francisco is one of the most exclusive neighborhoods in the city. Dianne Feinstein and Nancy Pelosi have lived there.

And now it's at the centre of a street fight.

The controversy is over the sale of one of the streets in the posh neighborhood. A Bay Area couple bought it for a mere $90,000 (S$122,742) at a little-known auction.

Now, Michael Cheng and his wife Tina are considering charging homeowners for street parking.

The couple nabbed the prized property because the homeowners' association, which owned the real estate, failed to pay its $14 dollar a year property tax bill over three decades, prompting the auction.

An attorney for the homeowners association says that's because the bill was sent to the wrong address for all those years.

Now neighbours are outraged. The homeowners' association is suing the city, and asking the board of supervisors to rescind the sale.

A spokesperson at the city treasurer's office says they were just following policy.

In a statement, the attorney for the homeowners' association called the new street owners "opportunistic."

Cheng says that's untrue, and that in fact, he and Lam bought the lot sight unseen and didn't realise what they bought until after the sale was final.

The Board of Supervisors is expected to consider the issue in October.

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