The millionaire residents of San Francisco's exclusive Presidio Terrace are celebrating after it was ruled that the street, which was bought up by an enterprising San Jose couple, should be returned to them.

Tina Lam and Michael Cheng snapped up the roads, sidewalk and other communal areas of the mansion-filled cul-de-sac in August, after it was put up for auction because residents had failed to pay a $14-a-year tax.

But the enterprising couple appear to be out of luck, as the city's supervisors decided in a 7-4 vote on Tuesday to reverse the $90,000 sale, which was made in 2015.

No sale: San Francisco heads have reversed the 2015 sale of the exclusive Presidio Terrace (pictured), which was bought by a San Jose couple after it was put up for government auction

Speculation: Tina Lam and Michael Cheng (left) bought the mansion-lined street for $90,000 after residents failed to pay taxes. SF supervisor Mark Farrell (right) led votes against the sale

Residents were furious to discover that their exclusive corner of SF - where homes cost an average of $5.1 million - had been bought by the San Jose couple because of 30 years' unpaid back taxes.

They were even less pleased when the pair said they were considering parceling up the street and selling it back to them, or charging rent to park on it.

The residents argued that they had been unaware of both the taxes and the impending sale because the city was sending notices to a law firm that hadn't been used by the street for decades.

City supervisor Mark Farrell, who represents Presidio Terrace's district, agreed, saying it wasn't good policy to allow out-of-towners to swoop in on law-abiding property owners who simply did not know they owed tax.

'As a matter of policy, I am proud of [my colleagues] who voted against allowing these speculators to get away with purchasing a neighborhood street and attempting to extort San Francisco residents that I represent into a quick $1 million payday,' Farrell said in a statement after the vote.

'I am shocked that four of my colleagues sided with these out-of-town speculators,' he continued, according to SF Gate.

Millionaire's row: The the couple planned to charge resident of the street, where homes cost an average of $5.1m, fees to park cars. They had bought up the asphalt and sidewalks

'Unfair': Residents successfully argued that the sale was unfair because the tax notifications were sent to an old address for 30 years. Some officials opposed reversing the deal, however

'I believe the vote today to rescind this sale was the best possible outcome. The speculators get their money back - no harm, no foul. The back taxes the Presidio Terrace owners owe will be paid immediately.

'And we are moving to implement policy reforms [to] the current broken process that allowed this sale to happen in the first place, so that this situation does not happen to any San Franciscan ever again.'

Supervisor Katy Tang agreed, saying: 'When I look to the constitution and deprivation of property and taking of property from individuals, I think that is a high standard that hasn't been met here.'

But not all of those on the board agreed with the decision.

Thumbs down: SF supervisor Hillary Ronen and three others said the deal should stand, saying most people don't get a second chance, but they were outvoted 7-4

Supervisor Hillary Ronen voted against reversing the sale, saying that the homeowners had defaulted before in the 1980s, and should have been on notice.

She agreed that most people did not expect to pay taxes on sidewalk in front of their house but pointed out that most people don't have a private street in front of their house.

'Did the treasurer act unreasonably? I don't think so, and should we give a second bite of the apple to these homeowners when most people don't get that?' she said.

'I don't think so.'

The issue is unprecedented in San Francisco, although supervisors in other California counties have reversed sales as allowed under state law.

The oval-shaped street in upscale Presidio Heights is lined with leafy palms, lush landscaping and multimillion-dollar mansions.

Previous residents of the gated neighborhood include Representative Nancy Pelosi and Senator Dianne Feinstein - the latter of whom wrote a letter that accused the city of bureaucratic bungling.

Closing the gates: The residents of the gated street only found out about the 2015 sale earlier this year. They had failed to pay $14 in tax for their private road for the past 30 years

Current residents lined up Tuesday to plead their case, saying they were regular, hard-working San Franciscans who had faithfully paid taxes on their homes and simply didn't know about the separate tax lot.

The homeowners - who only learned of the 2015 sale earlier this year - cheered when the vote was announced.

City Treasurer Jose Cisneros said he followed the rules and that there was no indication that the property, listed as a vacant lot, was attached to residences. Otherwise, he said his office would have reached out to homeowners.

It marks the second time the association has defaulted, but it won back the street in 1985 after paying up.

Shepard Kopp, attorney for the buyers, said in a statement he was disappointed in the supervisors who sided with the association.

'Sadly, the seven members of the Board who voted to rescind this sale have demonstrated that you get a different standard of government in San Francisco if you are rich and politically connected,' he wrote in a statement.

'This decision was wrong and this battle is not over.'