Story highlights The private street went up for auction after local homeowner's association failed to pay tax bill

New owners say they're still deciding what to do with their purchase

San Francisco (CNN) San Francisco is already known for its sky-high real estate, but the Presidio Terrace neighborhood deserves to be in a category of its own. Recent real estate listings show home prices ranging from more than $5 million to $15 million.

Which is why the news that a San Jose couple purchased a private street here, first reported by the San Francisco Chronicle, came as such a surprise this week.

Reporters and photographers flooded the neighborhood on Tuesday, snapping pictures of the multimillion-dollar mansions and trying to get reaction from neighbors. Most said they wished to remain silent or anonymous over the brewing controversy.

One homeowner joked that there was such a big media presence in the neighborhood, Donald Trump must not be making enough news. Others expressed bewilderment that someone might try to profit off what they see as an unfortunate bureaucratic snafu.

Residents in Presidio Terrace have filed suit against the city.

The controversy stems form the failure of the Presidio Terrace homeowner's association to pay property taxes for its "common area," which includes its sidewalks, palm trees and circular drive. In a lawsuit filed against the city of San Francisco, the association says the bills were mailed to an accountant who hadn't worked for the association since the 1980s.

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