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Rich SF residents get a shock: Someone bought their street
http://www.sfchronicle.com ^ | 7 August 2017 | Ross & Matier

Posted on 08/07/2017 2:06:52 PM PDT by BackRoads775

Thanks to a little-noticed auction sale, a South Bay couple are the proud owners of one of the most exclusive streets in San Francisco — and they’re looking for ways to make their purchase pay.

Tina Lam and Michael Cheng snatched up Presidio Terrace — the block-long, private oval street lined by 35 megamillion-dollar mansions — for $90,000 and change in a city-run auction stemming from an unpaid tax bill. They outlasted several other bidders.

(Excerpt) Read more at sfchronicle.com ...


TOPICS: Business/Economy; Political Humor/Cartoons; US: California
KEYWORDS: haha; propertyrights; realestate; sanfransico
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1 posted on 08/07/2017 2:06:52 PM PDT by BackRoads775
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To: BackRoads775

Surely the current residents wouldn’t mind paying for access past the gate? LOL!


2 posted on 08/07/2017 2:09:54 PM PDT by rktman (Enlisted in the Navy in '67 to protect folks rights to strip my rights. WTH?!)
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To: BackRoads775

BWA-HAHAHA!!!

The mayor’s mansion is in that gated cul-de-sac. They have private security out front, and you or I can’t even walk through - we’re serfs.

LET THEM EAT CAKE!!


3 posted on 08/07/2017 2:09:55 PM PDT by Darteaus94025 (Can't have a Liberal without a Lie)
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To: BackRoads775

God Bless America.


4 posted on 08/07/2017 2:10:01 PM PDT by Skooz (Gabba Gabba we accept you we accept you one of us Gabba Gabba we accept you we accept you one of us)
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To: BackRoads775

Taxes are for the little people -until the little people buy the street you neglected to pay taxes on.


5 posted on 08/07/2017 2:13:11 PM PDT by rdcbn
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To: BackRoads775

Charge the residents a toll!

Run tour busses so the paying public can view the freaks!


6 posted on 08/07/2017 2:14:06 PM PDT by Darteaus94025 (Can't have a Liberal without a Lie)
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To: BackRoads775

Real life Monopoly. Rofl


7 posted on 08/07/2017 2:15:10 PM PDT by madison10
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To: BackRoads775

I love this article. It strikes home into the Ultra Rich Democrats who are elitists


8 posted on 08/07/2017 2:15:56 PM PDT by realcleanguy
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To: BackRoads775; ExTexasRedhead

This is really interesting., We live on a private road with six other residents, but each of us owns that portion of the road that passes in front of our home, and as a consequence, is taxed as part of the land we own on which our home sits. Evidently, in this case, the street is a separate and distinct parcel that is subject to it’s own property tax assessment as privately owned land. I hope these two make a bundle here.


9 posted on 08/07/2017 2:16:09 PM PDT by vette6387
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To: BackRoads775

“Hey, San Francisco, the Folsom Street Fair has a new venue, and it’s 24/7/365!” They’ll pay up.


10 posted on 08/07/2017 2:17:06 PM PDT by Billthedrill
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To: BackRoads775

IIRC it's something like $15 to cross the George Washington Bridge with an EZ Pass transponder and more if you're paying cash.These people can charge $15 bucks every time residents of the street want to leave their driveways.They can do it with cars *and* bikes.

IMO they made a very smart investment.

11 posted on 08/07/2017 2:17:28 PM PDT by Gay State Conservative (ObamaCare Works For Those Who Don't.)
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To: BackRoads775

Now that is too funny!

BAHAHAHAHAHAHAHA!!!!

Tina Lam and Michael Cheng snatched up Presidio Terrace — the block-long, private oval street lined by 35 megamillion-dollar mansions — for $90,000 and change in a city-run auction stemming from an unpaid tax bill. They outlasted several other bidders.

Now they’re looking to cash in — maybe by charging the residents of those mansions to park on their own private street.

The couple’s purchase appears to be the culmination of a comedy of errors involving a $14-a-year property tax bill that the homeowners association failed to pay for three decades.

Past homeowners have included Sen. Dianne Feinstein and her financier husband, Richard Blum; House Democratic leader Nancy Pelosi; and the late Mayor Joseph Alioto. A guard is stationed round the clock at the stone-gate entrance to the street to keep the curious away.


12 posted on 08/07/2017 2:18:06 PM PDT by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: BackRoads775

The schadenfreude is strong today.


13 posted on 08/07/2017 2:18:48 PM PDT by Thud
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To: BackRoads775
“I was shocked to learn this could happen, and am deeply troubled that anyone would choose to take advantage of the situation and buy our street and sidewalks,” said one homeowner, who asked not to be named because of pending litigation.

Oh, stop, please, you're breaking my heart!

Since the couple owns the sidewalks I guess they could charge people for walking their dogs, no?

14 posted on 08/07/2017 2:29:09 PM PDT by pa_dweller (President Donald Trump, President Donald Trump. Because I know you like seeing it.)
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To: pa_dweller

“They’ll tax your feet.”


15 posted on 08/07/2017 2:32:10 PM PDT by reformedliberal
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To: BackRoads775

Very soon it will be illegal for individuals to own streets.


16 posted on 08/07/2017 2:32:19 PM PDT by MrBambaLaMamba (Why is it no one ever discusses the rabid Amerophobia which infects Islam and its adherents?)
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To: BackRoads775
Cheng and Lam wound up with the street, its sidewalks and every other bit of “common ground” in the private development that has been managed by the homeowners since at least 1905. That includes a string of well-coiffed garden islands, palm trees and other greenery that enhance the gated and guarded community

This is not sustainable! In the interests of protecting the planet from global warming and water shortages, the new owners should remove the irrigation and install rock beds and cactus!

17 posted on 08/07/2017 2:33:52 PM PDT by lonevoice (diagonally parked in a parallel universe)
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To: BackRoads775

35 homes you say? I’d sell 35 shares for right-of-way, for $90,000 apiece, and be done with it. Most of my portfolio doesn’t pay quite that well!


18 posted on 08/07/2017 2:37:57 PM PDT by Fireone (No more Kennedys, Bushes, Clintons, or Obamas....(or their kids)ever!)
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To: pa_dweller

Were it me...I would have the land surveyed, and start making plans for fencing, 10 feet high with Razor wire on the top.

Or....you could buy me out for $1,000,000.


19 posted on 08/07/2017 2:38:34 PM PDT by Ouderkirk (To the left, everything must evidence that this or that strand of leftist theory is true)
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To: pa_dweller

Were it me...I would have the land surveyed, and start making plans for fencing, 10 feet high with Razor wire on the top.

Or....you could buy me out for $1,000,000.


20 posted on 08/07/2017 2:38:35 PM PDT by Ouderkirk (To the left, everything must evidence that this or that strand of leftist theory is true)
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