Real estate wars in the San Francisco Bay Area are constant and often dramatic, with enormous amounts of money at stake. And one of the stories of the year — perhaps the story — involves a San Jose couple who were able to covertly purchase a private and wealthy San Francisco street last spring for $91,000 after discovering that its residents' governing board unknowingly owed under $1000 in back taxes going back 30 years.
Presidio Terrace is a prestigious gated address that only 38 homes (that average $5 million apiece) can actually call home; famous former residents include California politicians Dianne Feinstein and Nancy Pelosi. After months of trying to rescind the sale, the homeowners were delivered a victory in late November and regained control of their street thanks to the San Francisco Board of Supervisors.
“I believe the vote today to rescind this sale was the best possible outcome,” San Francisco Supervisor Mark Farrell said in an interview with SFGate. "We are moving to implement policy reforms (to) the current broken process that allowed this sale to happen in the first place, so that this situation does not happen to any San Franciscan ever again.”
But this drama ain't done: An attorney for Lam and Cheng says they will now sue the city in response.
Photo: Courtesy of Cullen328/Wikimedia
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