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Shock as Savvy Couple Pays $90,000 for Street in Exclusive Gated Community

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Looking for your next savvy investment? Why not buy a street?

That’s exactly what Michael Cheng and Tina Lam, an opportunistic couple from San Jose, Cal. did in 2015. Find out how they took advantage of a great situation to buy an entire street in a prestigious community of San Francisco named Presidio Terrace.

Gated Community

NexT Shark

They Bought It For How Much?!?

You would imagine that buying a street would come with a hefty price tag, especially when it’s in a community where the average home is worth over $5 million. Cheng and Lam got a steal by paying only $90,000 for the entire street! That includes the sidewalks, roads, and landscaping.

Daily Mail

Presidio Terrace is a gated community of over 90 beautiful mansions and sports previous famous residents like Minority Leader of the United States House of Representatives Nancy Pelosi. With residents and property worth so much money, how did the street end up for sale? Turns out Mr. Tax Collector struck again!

The Infamous Unpaid Taxes

The reason that Presidio Terrace’s street was up for a city auction was unpaid county property taxes that had accrued for over thirty years. Perhaps you’re thinking that the amount owed was some enormous figure? Nope. The taxes to be paid every year to the county were only $14!

Daily Mail

Apparently, the homeowners association never paid the tax bills because they were being sent to an accountant that hadn’t been employed by the community since 1980s. In total, the outstanding amount owed by Presidio Terrace was $994, including interest, fines, and back-taxes.

That was when the county decides to put the street up for auction, and Cheng and Lam had the winning bid at $90,100. They didn’t even check out the property before placing their bid—they just knew a good deal when they saw it.

No One Noticed

For two years, none of the residents in Presidio Terrace had any idea that their road had been bought out from under them. Only recently when they were approached about buying it back did they learn of the situation, and suffice to say, they were not pleased!

Daily Mail

“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 preferred to go unnamed.

The homeowner’s association is fighting to have the auction sale overturned, but it’s a difficult argument to make since the sale took place over two years ago.

Cheng and Lam have been trying to find ways to make a profit off the street, and they’ve decided the best route is to charge a reasonable parking fee for anyone that parks on the road. There’s estimated to be a hundred and twenty parking spaces.

The moral of this story: Never forget to pay your taxes!

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