Tina Lam and Michael Cheng of San Jose said that in 2015 they were looking at parcels being auctioned online by San Francisco’s tax office when they saw a description of “this odd property in a great location.”
“Part of Pacific Heights, the right location, land in a good neighborhood. We took a chance,” Cheng told the San Jose Mercury News. He said they bought the land sight-unseen, beating out 73 other bidders and dropping $90,000 for the street and its common areas.
In an expensive city, the homes on Presidio Terrace are in a league of their own. One had an asking price of $16.9 million last year, which dropped by $2 million. It’s a steep price to be neighbors with the likes of Sen. Dianne Feinstein (D) and House Democratic leader Nancy Pelosi, who have called the street home.
Lam and Cheng are now the owners of the common space of Presidio Terrace, which includes its sidewalks, garden islands, leafy palm trees and other lush greenery beautifying the homes of 35 mega-mansions after the association that manages the common areas failed to pay property taxes going back decades, the San Francisco Chronicle reported.
Wealthy lefty strongholds sure can be sloppy about paying their fair share.