Inside the exclusive multimillion-dollar San Francisco street that a couple bought for $90,000
Вставка
- Опубліковано 10 сер 2017
- Tina Lam and Michael Cheng are living their version of the American dream.
The couple made headlines this week when a San Francisco Chronicle story outed their 2015 purchase of Presidio Terrace - a private cul-de-sac lined by $35 million mega-mansions.
An unpaid tax bill caused the City of San Francisco to put it up for sale, without the knowledge of the street’s wealthy residents. Lam, an engineer in Silicon Valley, and Cheng, a real-estate agent, scooped up the street, its sidewalks, and other “common ground” for $90,000.
Now residents are up in arms, in part because the couple wants to charge them rent for using the street’s 120 parking spaces. The homeowners association has sued the couple and the city.
We used Google Earth to get a look at the exclusive private development.
--------------------------------------------------
Follow BI Video on Twitter: bit.ly/1oS68Zs
Follow BI on Facebook: bit.ly/1W9Lk0n
Read more: www.businessinsider.com/
--------------------------------------------------
Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders - the digital generation.
I bet you if any person who lived on that street would have thought of the idea first they would have done it. Hypocrisy at its finest.
Can’t knock the hustle. That couple are geniuses.
drinkingpoolwater guess they are not that smart, have a go find me bumming money to pay the attorneys fee. But you probably are happy about that too.
Rich people shaking each other down. That's the reality TV I would watch.
Pay your taxes. Pay attention when the land you sit on is being auctioned off. How they all missed this is a bit much, including the association that stopped noticing it wasn't paying an annual tax, but probably thought they were getting away with something small that nobody would notice, but then they failed to notice it being sold out from under them.
are you fucking kidding me? this couple was probably scouring the auction listings for something like this to come up. it's essentially a scam for the homeowners who have much better things to focus on career wise.
Spencer Reed it is not a scam, this is what happens when you don't pay taxes, welcome to reality buddy.
my taxes pay me
Yes, it isn’t a scam. It was perfectly legal. And who cares if they watch the auctions. That is the EXACT same thing that small developers do that flip homes! And if the rich have better things to do one of those better things would have been to have the HOA follow up with the city as to why for the last several years they have not received a tax bill? If my, property tax bill gets sent to the wrong place I can’t tell the county to waive my penalties for the last three years because I never received the bill.
@@spencerreed960 pretty much. I don't feel sorry for these two either. They had a GoFundMe page to raise 50k for their legal fees. They only raised 5k. Ppl saw through their scam too. Even though its technically legal to buy property delinquent on taxes, these two tried to sublet a street for the tune of 1 million dollars. They are not victims.
They can't afford to buy a house there so they bought the street instead. Neat.
with $90K cash to own a Street in the Presidio and the knowledge to such auctions, you seriously think they can't afford to buy a house? really? Never under estimate the Chinese.
KCALB *Taiwanese
@@kcalb3180 why are we generalizing people here?
Good! Now tax a shitload of money from them. As well as setting up a toll at the front entrance and charge a fee for going in and out. Make them feel what we feel. Lol #SorryNotSorry
Don't step out of your house. THIS IS TRESPASSING
hahahahahahahahahaha, good 1!! :)
Poor Rich People :(
Nico Romero lol
Nico Romero 😁
Nico Romero "I have a multimillion dollar house, oh dear, I can't pay these one thousand dollar taxes"
Don't let your contempt for 'rich liberals' get in the way of reading or comprehending the whole story. (But you're OK with rich conservatives? Just asking.)
Nico Romero I know! They wanna own the street! Not pay taxes to someone else!;(
Hilarious. Rich people get screwed and they're mad about it. It's funny how the tables have turned.
that Iron gate, would become a toll gate if I owned it. Good job on finding a gold mine in San Francisco.
If they are multi-million dollar homes, why do they need to park their cars on the street?
Richard Mills
What makes you think they only own one vehicle?
They don't seem to have driveways
I know this area. This is still the city, not the country. These are older houses, built before the phenomenon of families owning in multiple vehicles.
I live in the city. They definitely have garages and driveways. It’s just easy to park on the street when you multiple cars and/or friends/family coming over. This is completely the HOA’s fault and they had notice to fix it but didn’t. Now they’re crying about it.
Update: the couple sold the street back to the city for around $150k a couple years ago if I remember correctly.
I have zero pity for the people living on this street. Their HOA is at fault even if the notices were sent to the wrong address. If I don't get my electricity bill for several months, I don't just assume I don't owen anything. If I complained about getting my electricity shut off for non-payment, telling the electric company that they were sending to an outdated address won't fly. And it shouldn't for this HOA. These people are rich. They should buy back the street, and be done with it.
Howie Isaacks they offered the greedy couple $200,000.00 but they want $1,000,000.00. I hope they lose their investment.
Why are they called greedy? Are you kidding me. 1,000,000 for a street that has multi-million dollar homes? No, one is this outraged when the poor people Down in the East Palo Alto had the multi million dollar apartment a real estate company come in and buy all of the low income buildings and start a evicting people for being one day late on their rent or even $.75 short?
These rich people’s HOA was YEARS late and knew that it had not paid a property tax bill! Americans have to get over this idea that wealth makes inherently good and righteous while poverty automatically means you’ve done something wrong in your life and are being punished so whatever bad happens to you it’s just happens. 🤷🏼♂️
@DrinkwithaMexican thats also common in Nantucket & Marthas Vineyard Islands. Inherited, can barely afford to maintain.
Now THIS is what Business Insider is all about!
*Update:* The couple offered to sell back the land to the residents for $1 Million but the San Francisco Board of Supervisors voted to reverse the sale altogether (surprise, surprise). The buyers got their $90,000 refunded but are now suing the city. They have set up a GoFundMe page with a goal of $50,000 to finance the legal action. You may now put your money where your mouth is at:
www.gofundme.com/presidioterrace
Looks like they tapped out at $5k
Suing the couple on what grounds? The only party that screwed up was the Homeowners Association. And what an idiotic move by the residents -- suing the people who can now charge you a toll fee for coming and going. Hahaha! This is going to get ugly... If the couple should decide to start charging for access, the residents don't have many options. They can pay up... or try and buy back the street... or make the HA buy it back. Either way, the residents are going to be out additional $$$$.
The street has been given back to the homeowners already
Bunch of rich people didn't pay for property tax and this Asian couple payed for it and said they are gonna make them pay. What's wrong with that. These rich people didn't pay taxes . Karma is a bitch
wateri4 its only $14 a year I'm pretty sure they wouldvd paid it if they knew
Start selling easements for access! Street parking... that'll be $1,500mo., or your towed! So many opportunities given that situation. Homeowner's are gonna be livid when they finally understand this type of thing is totally legitimate, and their screwed. Nicely played!
After giving this a second thought... think I'd put up tasteful concrete barricade, and make the rich pricks walk. Sure would be hilarious watching them make trips carring in groceries! Heard their pretty health conscious anyways. Karma can sometimes be so awesome. :)
You're quite evil but I like you! lol
theuglykwan not evil just poor bitter
Why wouldn't they just park in their own driveway's?
J H just because they have money ??
in my country, no body can own a street /road. especially when the developer, or comunity had built the road for the people who lived there.
Djone Tan not in America, if it was not funded by tax dollars or sponsored by that local, state, or federal government, it is up for anyone to own if they are willing to pay for it.
Well ur opinion is wrong
the should charge a toll. Issue an electronic pass and it must be swiped whenever a vehicle enters or leaves. Also they should charge parking fees for every vehicle they own.
The should also charge for security and on top of that a separate usage fee and it all should come with a hefty monthly administration fee.
Why would HOA sue the couple for buying the street from City? How’s it their fault? If anything it’s between the HOA and the city. The couple should counterclaim HOA for attorneys fees and ridiculous time consuming lawsuit.
Took me a while to realise these are Google Maps 3D images...
I love how the association is suing the couple and the city...based on what? Your own fault for not keeping your finances and addresses up to date?
They are going to lose badly in the lawsuit.
I'm happy for this lady
these people knew they had to pay these fees but i guess this is how you stay super rich haha good for these 2 couple hope they win the court battle and then counter sue them for wasting their time and money on lawyers
Ha ha, homeowners!! Got a little too cocky!!
why would you sue people for owning a street?
Just buy back the street. Not that hard.
"Perisidio terrace" GG video editor.
Love this
rich people problems.
Ooohh wow !! Very cool story
Love it! Sell it back to them for 100 million! pay your taxes people!
Sue Them For What? What They Did Is Legal And Allowed. They Are Just Pissed Off They Are Idiots.
Ladies and gentlemen why the hell are you crying over this? shouldn't most republicans and corporate Democrats be happy? this is capitalism after all:D
I'm not sure why people want to live this close to each other
dudelivestrong exactly what I was thinking
dudelivestrong yeah I would never live that close in a city, I want at least an 1/5th of an acre between me and my next door neighbor.
Its the city not the suburbs.
dudelivestrong For the use of space and how compact and close to everything is. Plus, SF is the second most dense city after NYC.
It's a comment like this that makes you realize how much space Americans have. That is considered quite alot of private space here.
Rich people problems
best 2 min and 5 sec ever
They should put a toll to drive on the road and say it is to raise funds because they are being sued by the home owner association. Charge a $1000 toll each time a vehicle enters or exits.
Im about to buy my front st too
So basically they bought a street on the down-low, tried to sublet it to the neighborhood residents for cold hard cash to the tune of ONE MILLION DOLLARS? 😂😂 They thought this would work?
If just fly in from another state before I pay those prices LOL
At 1:11, you spelled Presidio wrong. "Perisidio".
This is why streets should be public.
Good for them!
So they did the city fail to send them a “pay us or else notice” ?
0:45 Dianne Feinstein is a United States senator for California, not a California senator. I have been inside that house before. It's very nice.
Lol. Fair play. Hope tney double their money. They were in the ball. If the home owners care they can get together and buy the land back.
HOA are good at pointing out things wrong so they can change the homeowner but failed to pay a tax they owed. Priceless.
Why the fuck was it sold for $90,000 when it should be worth millions?
Hououin Kyouma! Because the taxes owed amounted to $994. So they auctioned it off to prospective buyers. No one beat their bid of $90,000. So they own what they bought. It's like multi million dollar homes selling at foreclosure auctions for $300,000. You pay whats owed of the property plus extra bids if necessary. That's how these things work. Do some research.
I'm aware of these facts. What I don't understand is, why didn't the association or some outside organization/person try to buy the road. It just baffles me that such a wealthy neighborhood association wouldn't immediately buy back its only road access.
how the hell did the people living on the block not know that their street was getting auctioned off? what
They need up having to give the street back, i'm not sure if they sold it back or not. A complete bummer but great story.
You are breaking my heart. Just keep one thing in mind...paybacks are hell!
Wise buy but what happened in the end? I hope you get to keep the street! Do you have a right to charge a toll? Please update us!
Love it
The home own association did pay it taxes for 30 years. It was just a few years 30 years. You should be mad at the couple you should be mad at your home owners association for not too g it job a keep up with it record.
Hope the couple goes to Chicago and buys a private street !
Why the F. is my body corporate (HOA) fees USD1400 for a 25sqm shoebox in Melbourne Australia. (the apartment has no amenities other than a lift).
Parcel off the street to each resident and sell them for a million each. What’s a million to rich people.
I wish that street and it's residents, including the couple, just loose a ton of money.
If this is true, I'd make it a toll road and charge a fee to park and drive on it..lol
Paint purple, blue and orange stripes on the street, altering their direction month to month, until the homeowners fork over the million requested.
Wait, didn't they just give them the option to pay the back tax first? This also proves it is illegal to own land. They were just renting it from the government.
I would collect a hefty toll at the front gate both in and out good for them
Awesome, LOL!
"Suing"...the American answer to everything.
The rich folk forced a reversal of the sale…to no one’s surprise.
LMAO
Good for them but I'd hate to be one of the homeowners
they are suing the couple? Great! Hope the losing party pays millions in bogus fees, lawyers fees, pain and suffering . The couple invested in a legal business transaction. If they claim that the hoa “paid the taxes” then who cashed the checks? If not the city then the homeowners should be suing the HOA for either fraud, incompetence,or plain stupidity.
What the hell? They bought the damn street? First time for everything.
That's BS, the people that bought that the street are like predators........like buying debt.
Silly spoiled rich folk
Sue the couple and the city
The couple bought the joint at a city auction
And the city auctioned it cuz of back tax
It's funny how rich people think they should never be touched
Sue the homeowners association
That's the only liability in this whole thing
How you gonna sue me for buying something at a city auction
Rich people get mad when outsmarted
Someone at the City wanted to expose the situation that could not be corrected at their paygrade and embarass the homeowners badly. The Asian couple served as tools.
thats why i want an ai to manage all my financial and legal affairs. all millionaires and politicians should have personal ais to help them with their affairs.
I wouldn't shake hands with anyone from San Francisco.
Echadh why not?
Daniel lol! Do yourself a favor and Google it.
Echadh okay.
Echadh lmao Richard Nixon a Savage bruh.
Daniel lol
they should have a parking fee $500 for 1 hour. chaching!!!!
they exploited a legal loophole to get the street.
Welcome to Wisteria Lane
( music )
Failed to pay property taxes for 30 years? Yep. That's what you get. Not like you don't got the money.
What are they gonna she the couple for they brought it legally.
the couple lost the exclusive street anyway, rich people prevailed again!!!
They are suing the couple for what??????????
Congrats to the couple for beating everyone else to the punch!
That’s why I don’t have an hoa or escrow account.
More proof the state of this country on the whole
They should sell the house. They better not live that neighborhood.
However, with a good lawyer the original owner could get his or her house bad.
Hahaha you now they're only suing cause they didnt think of it any sooner 😴😴😴
Why sue the couple lol. Its thier fault for buying into an hoa that didnt do what it was supposed to. They paid thier hoa dues presumably and the hoa didnt pay thiers of they owed the city 994 and the common areas were sold for 90000. Just lol
Its just a street who will enforce it also they own big ass house im sure they have there driveway and garage
Why sue the couple, just sue the city and void the deal.
Then give them back the 90k lol
Dust Cloud, no way it will be auction, they will sell it minimum for 1 million usd.... pay the rent or 1 million usd. lol
Funny how the HOA is during the couple and the city after THEY didn’t pay their own bills. Now they’re crying and throwing a tantrum. My my how the tables have turned 🤣
Btw the couple doesn’t own the street anymore
This is all a bunch of b*******. They got lucky or were chosen. In a public auction there should have been hundreds of potential buyers. The $90,000 sales price is unexcusable actually. You don't think that there were any wrongdoings with this deal. You guys are so far out in left field there's no way.......... this could have auction for a higher price.
It's real I live in San Francisco, some people say they have family in the local government and maybe they tipped them off about the property
There are people who always browse through auction columns for good buy. I bought a 3,500 sq ft office in prime area for $660,000 when the office was auctioned off by a bank. Now, its valuation is above a million.
Pay them
The guy in the thumbnail looks like a Chinese Chris Chappell. What is this conspiracy?!
millionaires should have ai's like jarvis or friday manage their financial liabilities so that this doesnt happen.
Why make a video if I have to read the text? Thumbs down.
Illiteracy can be overcome. Have faith.
And they changed it into a new china town
all the homeless should move in
Lol
LOOOOOOL
LoL