San Francisco street sells for $90K. Neighbors aren't happy - Spokane, North Idaho News & Weather KHQ.com

San Francisco street sells for $90K. Neighbors aren't happy

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Photo: Cece Blase/Twitter Photo: Cece Blase/Twitter
SAN FRANCISCO -

The price of a San Francisco home can easily top a million dollars. But one savvy investor has bought up a whole street for a mere $90,000.

Real estate investor Michael Cheng and his wife, Tina Lam, bought the street lined with large homes at a city auction in 2015 stemming from an unpaid tax bill. They now own the sidewalks and other areas of "common ground."

The San Francisco Chronicle reports Monday that some of the wealthy residents of the street known as Presidio Terrace were not aware it was for sale and are not pleased it's been sold.

Homeowners are now petitioning the Board of Supervisors to rescind the tax sale. A hearing has been scheduled for October. They also are suing the couple and the city.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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