These days, the price of a San Francisco home can easily top a million dollars. But one savvy investor has bought up a whole street in the city's most exclusive neighborhood for a mere $90,000.
Trouble is, some of the extremely wealthy residents of Presidio Terrace were not aware their street was up for sale and are not pleased it has been sold.
Presidio Terrace is an oval shaped street sealed off by a gate from the tony Presidio Heights neighborhood. Lined with towering palm trees and multimillion dollar mansions, the street has been home, over the years, to famous residents including Sen. Dianne Feinstein and House Democratic leader Nancy Pelosi.
Thanks to a city auction stemming from an unpaid tax bill, Bay Area real estate investor Michael Cheng, and his wife Tina Lam, bought the street and now own the sidewalks, the street itself and other areas of "common ground" in the private development that, the San Francisco Chronicle reported, has been managed by the homeowners association since at least 1905.
Cheng says reaction to the sale has been less than neighborly.