According to the Washington Post, the residents of Presidio Terrace, which is an oval-shaped privately owned street commonly known as one of the most exclusive communities in San Francisco, learned the that someone could buy their entire street.
Questions:
1. Why was it possible to own Presidio Terrace?
2. How many bidders did Ms. Lam and Mr. Cheng outbid?
3. How much was the asking price of a house on the street and how much did they pay for the street and its commons?
4. What was the debt owed for the street?
5. As legal owners, what options are available for the couple to pursue?
6. What would you do with the property?
7. Do you think the property owners will prevail with their litigation?
Source:
Horton, A. (2017). Residents of an exclusive San Francisco street didn’t pay their taxes. So someone bought their street. The Washington Post, Aug. 8 (Retrievable online at https://www.washingtonpost.com/news/morning-mix/wp/2017/08/08/residents-of-an-exclusive-san-francisco-street-didnt-pay-their-taxes-so-someone-bought-their-street/?hpid=hp_hp-more-top-stories_mm-sf-1215pm%3Ahomepage%2Fstory&utm_term=.49592efffef6#comments)