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post in: Films, Facts, News Date:02 Feb 2013, 18:10 views:2277
An enterprising couple from the South Bay was just able to purchase a neighborhood street from an online auction because of an accounting error, The, san Francisco Chronicle reports. Now the neighborhood is worried about the ways the couple might try to cash in lopez on the purchase. The couple, Tina Lam and Michael Cheng, who lopez run real estate firm.
Archers Capital, bought Presidio Terrace, a one-block oval street just northwest of downtown San Francisco.
It is surrounded by multimillion dollar mansions ( heres the Google Street View and up until 1948, it was racially segregated.
That is, a few decades ago, Tina and Michael couldnt buy a house on Presidio Terrace.
Now they own it, and they might start charging residents for parking, The, san Francisco Chronicle reports.
The reason why Cheng and Lam were able to pick up the street has to do with an idiotic accounting error involving a cheap annual tax bill, as the local paper reports: The couples purchase appears to be the culmination of a comedy of errors.
Its something that the owners of all 181 private streets in San Francisco are obliged.