Weird: Gated street in front of Pelosi's mansion has been bought by a private developer

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San Jose real estate investors buy mansion-lined San Francisco street

Tony Presidio Terrace had been auctioned online because of an unpaid $994 tax bill

Presidio Terrace is an exclusive enclave — the former home of U.S. Sen. Dianne Feinstein, House Democratic leader Nancy Pelosi and the late mayor of San Francisco, Joseph Alioto.

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Tina Lam and Michael Cheng are the proud owners of super-tony Presidio Terrace — the street itself, the parking spaces and sidewalks, the palm trees and garden islands, all of this just down the hill from the Presidio and near the city’s so-called Gold Coast. They purchased the block-long private street — everything but the 35 mansions that line it — for $90,100 in an under-the-radar auction after the Presidio Homeowners Association failed to to pay $994 in back taxes, penalties and interest.

It is “the most unique property I’ve come across, by far,” said Cheng, a real estate agent who focuses on investment properties. “I’m talking to my other investors and they’ve never seen anything like this — and they own some weird stuff.”

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He and Lam bought it sight-unseen, he said, competing against 73 other bidders: “It was a pretty lively bidding. We just got lucky.”

And here’s the back story: The city’s tax office, the couple discovered, had put the property up for sale because the homeowners association hadn’t paid an annual $14 tax bill for three decades. All that time, it seems, the bill had been mailed to an accountant who stopped working for the homeowners in the 1980s.

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