In a surprising turn of events, Tina Lim and Michael Chang became the proud owners of one of the most prestigious streets in San Francisco, complete with 38 mansions, roads, sidewalks, establishments, and even the neighborhood’s trees—all for the seemingly modest sum of $90,000.
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This extraordinary acquisition unfolded when the couple stumbled upon a unique opportunity in 2015 while on the lookout for a real estate bargain in San Francisco, a city where housing prices routinely soar above the million-dollar mark. Astonishingly, the most expensive neighborhood in the city was available due to a mere $1,000 in tax debt, fines, and penalties.
Remarkably, Lim and Chang clinched the deal with a winning bid of $90,000, a decision made without even physically inspecting the property. In the subsequent two years, the couple diligently explored ways to turn their unexpected ownership into a lucrative venture.
Ultimately, they settled on a strategy—offering parking spaces for rent at what they considered a fair price. The catch was that if the local residents declined, the offer could potentially attract interest from individuals outside the Presidio Terras community. The shocking revelation about this unique ownership arrangement came to light in May 2017 when the residents received a sudden notice about the lease.
Adding a layer of irony to the situation, the reason behind the three-decade-long unpaid property tax emerged as absurd. The bills had been consistently addressed to an accountant who had not worked at Presidio Terras since the 1980s.
Understandably, the residents were left dumbfounded, unpleasantly surprised, and promptly initiated legal action to challenge the results of an auction they were not even made aware of.
Tina Lim and Michael Chang’s venture into San Francisco‘s real estate landscape serves as a captivating tale of seizing an unexpected opportunity, leaving the city’s residents and real estate enthusiasts alike both astonished and intrigued.
The unfolding legal battle adds another layer of complexity to this narrative, underscoring the intricacies of property ownership and tax matters that shape the ever-evolving landscape of urban real estate.
Read more: A man paid $400k to have his $2.6 million Victorian house moved In San Francisco.
