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When a couple bought one of the most exclusive streets in San Francisco for $90,000 in 2015, outraged residents sued the couple and the city.
City leaders voted in November to reverse the sale.
Michael - Cheng - Buyer - Business - Insider
Michael Cheng, the buyer, tells Business Insider that he and his wife lost Presidio Terrace because the wealthy get their way in San Francisco.
The couple has not been reimbursed their $90,000.
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The Bay Area couple that paid $90,000 for a private street in San Francisco is still waiting to be reimbursed, after they said the rich homeowners who live there made them return the street.
In 2017, Michael Cheng and Tina Lam shook up the gated community at Presidio Terrace when residents found out the couple had purchased the street, its sidewalks, and its shrubs for nearly six figures in an online auction. The city had put Presidio Terrace up for sale in 2015 after the homeowners' association failed to pay property taxes on the street for more than a decade.
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The homeowners railed against the city for allowing Cheng and Lam to scoop the street up from underneath them without notice. They sued the couple and the city. Last November, the San Francisco Board of Supervisors took the unprecedented step of overturning the tax sale.
Cheng, a real estate investor, told Business Insider that he and his wife have not been reimbursed their $90,000, or the money they paid in property taxes on Presidio Terrace.
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"The bills are still coming to us. You get a tax bill, you...
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