Entire Uber Exclusive San Fran Street Was Just Purchased By Investor Because of Clerical Screw Up – IOTW Report

Entire Uber Exclusive San Fran Street Was Just Purchased By Investor Because of Clerical Screw Up

Monday, 7 August 2017, 16:03 BFH Uncategorized 26

SF Chronicle-

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.

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

So imagine the residents’ surprise when San Jose residents 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 at the end of Washington Street, just off Arguello Boulevard and down the hill from the Presidio.

“We just got lucky,”said Cheng, a real estate investor.

The homeowners, however, are crying foul and want the Board of Supervisors to negate the sale.

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. It’s something that the owners of all 181 private streets in San Francisco are obliged to do.

Since the purchase in April 2015, the couple have been quietly sitting on the property, talking to a number of land-use attorneys to explore their options.

“We were looking to get title insurance so it could be marketable,” Cheng said.

He and his wife see plenty of financial opportunity — especially from the 120 parking spaces on the street that they now control.

“We could charge a reasonable rent on it,” Cheng said.

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Awwwwwwww, are they upset because some guy has power over them?

Join the club.

ht/ fdr in hell

26 Comments on Entire Uber Exclusive San Fran Street Was Just Purchased By Investor Because of Clerical Screw Up

  3. I am sure if the uber rich got a foothold on some poor schlub they wouldn’t hold it over them and make them pay.
    I wonder what the length of time to file a quiet title in CA is? The new owners might have been wise to wait 12 and pay taxes on it for 12-15 years then file a quiet title action with 15 years of paid tax receipts in their hand it would have been a cake walk.

    The reality is that a Treasurers Tax Deed is the “weakest” form of deed. The former owners need only find one small infraction in the process of advertising/bidding/selling to negate the whole thing. It is possible that the winners of the tax auction have the deed vacated and only be paid the amount of tax due plus interest.
    Feel sorry for the poor guy he is likely to lose.

  10. Set up portable toilets for the homeless so the aroma wafts through the entire street, when property value tumbles to dirt low, the iotw crew can pool money and buy the houses.

  16. They waited two years to do a title search, knowing that the idiots living there would never suspect a thing. Even the people at the tax bureau think nothing can be done about it.

    As the old saying goes, “Possession is nine points of the Law.”

  22. Sunday Church Services in all Culdesaks With BBQ to follow, Soap Box Races For the Kiddos Afterwards and Sunday Evening Country Music Concerts !
    Forgot about the Free Beer & Porta Potty Row Set Up in Front Of Pelosi’s Place !!!

  24. Put a mosque there so they can enjoy the sweetest sound known to man five times a day blaring from the loudspeakers, along with the constant comings and goings of the jihadists stocking their armory.

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