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 theyre 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 ...
Surely the current residents wouldn’t mind paying for access past the gate? LOL!
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!!
God Bless America.
Taxes are for the little people -until the little people buy the street you neglected to pay taxes on.
Charge the residents a toll!
Run tour busses so the paying public can view the freaks!
Real life Monopoly. Rofl
I love this article. It strikes home into the Ultra Rich Democrats who are elitists
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.
“Hey, San Francisco, the Folsom Street Fair has a new venue, and it’s 24/7/365!” They’ll pay up.
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.
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 theyre looking to cash in maybe by charging the residents of those mansions to park on their own private street.
The couples 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.
The schadenfreude is strong today.
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?
“They’ll tax your feet.”
Very soon it will be illegal for individuals to own streets.
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!
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!
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.
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.
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