One of the most exclusive streets in San Francisco, Presidio Terrace, was just purchased by Tina Lam and Michael Chang from a city-run auction due to an unpaid tax bill, the SF Chronicle reported. The reason? The area's homeowners association accidentally sent their $14-a-year property tax bill to an outdated address for three decades.
Presidio's Terrace's street and sidewalks was put up for auction by the city to recover $994 in unpaid back taxes and Lam and Chang grabbed it for $90,000 and change. Now the couple owns the street and sidewalks but more importantly - 120 parking space they could collect rent from. And if the current wealthy property owners don't want to pay, others lacking in SF parking surely will.
Incredibly rude of these real estate investors? Yes. Inconceivably so. The residents suspect it's part of a coming campaign for the current homeowners to buy back their parking spaces.
Watch More with TheStreet:
- Diversity Experts Weigh In on the Google Memo
- 5 Times You Were Glad That You Don't Work in P.R.
- Falling Bank Fines Under Trump Won't Lead to More Risky Activity, Barney Frank Says
- Happy National Dollar Day - Here's How To Fold A Dollar Bill Heart