Imagine living in a $35 million mansion in one of the most exclusive neighborhoods in San Francisco, California — a world reserved exclusively for the rich who pay a hefty price to live there. Well that mega-million dollar world was flipped upside down when Tina Lam and Michael Cheng bought all of the “common ground” within the development for $90,000 at a city-run auction.
Residents of Presidio Terrace, a private oval street littered with mansions, are up in arms over Lam and Cheng’s purchase of the easements, sidewalks, and any other public property associated with the street.
Lam and Cheng informed the residents of the community that they will be charging those who wish to park in any of the 120 available parking spaces along the street.
The rich and powerful community members were appalled and have sued the couple as well as the city of San Fransisco.
“I was shocked to learn this could happen, and am deeply troubled that anyone would choose to take advantage of the situation and buy our street and sidewalks,” one homeowner, who is involved in the lawsuit that was filed, told the San Fransisco Chronicle.
The community, which has been self-regulated since 1905, has a plethora of high profile names living in the exclusive neighborhood.
Business Insider took pictures of the lavish homes and offered outsiders a chance to see just a portion of lifestyle experienced by the rich and famous in the neighborhood.
The gated community has its own private security that stands watch 24-hours a day and won’t allow anyone in or out of the neighborhood without permission from residents.
These commodities don’t come cheap. In 2013, it was reported that homeowners had to pay almost 3,500 in homeowner association fees.
Previous homeowners of Presidio Terrace include House Democratic leader Nancy Pelosi, Sen. Dianne Feinstein and her world famous financier husband, Richard Blum. The former Mayor of California, the late Joseph Alioto, even had a residence in the popular location.
The couple feels that they have done nothing wrong and are simply trying to capitalize upon the bizarre incident that allowed them to purchase the surrounding area of the community property. The conflict will hopefully play out peacefully in court.
h/t Business Insider