The entire street of multi-million dollar homes because theirs for just $90,000. Just the street though, not the houses, and we’re not talking about property at that leaning condo tower, either.
One couple jumped at the chance to buy a street in the wealthy San Francisco neighborhood of Presidio Terrace. It’s a gated community, and holds 35 mansions to the tune of $5.5M a piece. How did the couple buy the street for just $90,000? Well, the community’s homeowner’s association failed to pay taxes for the previous 30 years. When the city went after the association for the back-taxes of just $994, and wasn’t paid, the street went up for auction. Just like that, just that easily.
That’s when Tina and Michael swooped in. Not only did they buy the street (and sidewalks) of the neighborhood, they actually tried to sell it back to the community. It was then when the community learned about the back taxes, and now they want the street back. The homeowner’s association filed a complaint to the city, saying the address the city sent property tax bills to doesn’t belong to any of their members.
The new owners say they just wanted to own a piece of San Francisco, despite now being in the position to charge for street parking, as well as other methods to make money off of owning a street.
I want a street. Although it does get pretty complicated.