Tony Presidio Terrace had been auctioned online because of an unpaid $994 tax bill
SAN FRANCISCO — The street might as well be paved with gold, and now a couple from San Jose owns it.
Tina Lam and Michael Cheng are the proud owners of super-tony Presidio Terrace — the street itself, the parking spaces and sidewalks, the palm trees and garden islands, all of this just down the hill from the Presidio and near the city’s so-called Gold Coast. They purchased the block-long private street — everything but the 35 mansions that line it — for $90,100 two years ago in an under-the-radar auction after the Presidio Homeowners Association failed to to pay $994 in back taxes, penalties and interest.
It is “the most unique property I’ve come across, by far,” said Cheng, a real estate agent who focuses on investment properties. “I’m talking to my other investors and they’ve never seen anything like this — and they own some weird stuff.”