Mary Bowerman

USA TODAY

Residents of the upscale Presidio Terrace neighborhood in San Francisco are outraged after learning their street was sold for $90,000 at auction, according to local reports.

Michael Cheng and Tina Lam purchased the block-long street, which is lined with multimillion dollar mansions, at a city auction after the homeowners association failed to pay taxes, the San Francisco Chronicle reported.

Cheng and Lam purchased the property in April 2015 and have been talking to land-use experts about how to leverage their holding. According to the San Francisco Chronicle, they are considering charging residents to park on the street.

"We could charge a reasonable rent on it,” Cheng said.

According to NBC-Bay area, the home owners association failed to pay a $14-a-year- property tax bill because the bill was being mailed to an accounting office, which is now a pilates studio.

Homeowners didn’t learn of the sale until May 30 when a title search company reached out to see if any of the residents wanted to buy the property from the couple, the Chronicle reported.

In response to the sale, the homeowners association has sued the couple and the city. Residents said the city should have notified residents of the pending auction in 2015, NBC-bay area reported.

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Amanda Fried, a spokeswoman for Treasurer-Tax Collector Jose Cisneros, told the Chronicle that the city acted within the law.

Homeowners have called on the Board of Supervisors to hold a hearing to rescind the tax sale. The hearing is scheduled for October, the Chronicle reported.