|Presidio Terrace is 4 miles from the Golden Gate Bridge|
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.Periodically we read about an elderly person being thrown out of her home because of a small unpaid property-tax bill. Rich people can fall victim to the same process; they won't be in danger of losing their homes, just being able to access them.
Now they’re looking to cash in — maybe by charging the residents of those mansions to park on their own private street.
Happy street-owners Tina Lam and Michael Cheng (SFGate)
...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.
Teachable moment: you gotta pay attention to what's happening--or not happening--at your homeowners' association.