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Rich residents get played so hard after gated community sold in auction

Home sweet home.
Image: AP/REX/Shutterstock

Residents of a posh micro-neighborhood in San Francisco just found out that if you don’t pay your taxes you can get screwed. And that, yes, that even applies to the super rich.

Presidio Terrace is a privately owned oval street nestled against the Presidio golf course with a large gate blocking its entrance. The more than 30 mansions behind the gate are part of a home owners association.

But turns out someone wasn’t very good at keeping up with the bookkeeping and a small annual $14 property tax went unpaid for 30 years, according to the SF Chronicle.

This unknown blunder (the bill was being mailed to a former accountant’s office who hadn’t worked for the homeowners association since the 1980s) put the tony street up for auction. And you bet someone bought it.

A South Bay couple, Tina Lam and Michael Cheng, pounced on the deal a fancy SF street for about $90,000. That’s almost criminal. Houses outside the swanky cul-de-sac go for a median price of more than $1.2 million, according to Zillow. And their purchase includes the sidewalks and other bits of common ground.

One idea is to charge for parking on the street.

Now residents are none-too-pleased about the new owners, who have plans to make some money off the rich. One idea is to charge for parking on the street. A privately owned street.

Residents are begging the city to get involved and reverse the sale that they claim they weren’t aware of until two years later.

But it doesn’t sound like they’re getting much sympathy. San Francisco Treasurer and Tax Collector Jose Cisneros spokeswoman told the Chronicle, “Ninety-nine percent of property owners in San Francisco know what they need to do, and they pay their taxes on time and they keep their mailing address up to date.”

The gated community has also sued the city and the couple that ever-so-discreetly bought their street. Because of a measly $14 per year. Brilliant.

Read more: http://mashable.com/

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