The housing market in San Francisco has witnessed an extraordinary case of family drama resulting in the sale of a home worth $1.8 million for just $488,000 [84586788]. The seller, Todd Lee, accepted an offer from his sister, Cheryl Lee, who had been living in the home with their mother, Sandra Lee. The low sale price was due to the current tenants having occupancy rights for nearly 30 years, which significantly impacted the property's value. Sandra claimed that Todd and her brother, Cedric Goo, had taken advantage of her and her daughter by listing the home against her wishes. Todd, however, denied the allegations and stated that he agreed to the sale to avoid litigation [84586788].
The property, which was originally valued at $1.8 million, was sold on July 16. The tenants currently pay $416.67 a month in rent, in addition to utilities. The original homeowner, Kenneth Goo, had written Sandra a secret lease before his death, granting her long-term rent rate restrictions until 2053. Todd was named trustee of the family trusts, which include the home, and Cheryl, Sandra, and Cedric are the beneficiaries. If the property had sold for $1.8 million, Sandra and Cheryl would have been entitled to about $1.1 million for their shares combined, while Cedric would have received around $700,000. However, with the sale price of $488,000, Sandra and Cheryl's total shares from the sale amounted to around $300,000, while Cedric's portion came to $200,000 [84586788].
This case highlights the complexities and emotional dynamics that can arise in real estate transactions, particularly when family relationships are involved. The dispute over the sale price and the allegations of exploitation have added another layer of complexity to an already challenging situation. It serves as a reminder that real estate transactions should be approached with caution and sensitivity, especially when family members are involved [84586788].
In other real estate news, the house where the classic 1982 horror movie Poltergeist was filmed is officially for sale for about $1.2 million. The four-bedroom house is located in Simi Valley, California [c045e3a8]. The property agent promises that the house is clean of any 'ghostly antics' and highlights its four spacious upstairs bedrooms, large windows, and built-in office space. The 2,373 sq ft home sits on a 16,000 sq ft lot and features a backyard with a pool and hot tub. The kitchen and family room in the house were included in several iconic scenes of the movie. This is the first time in 45 years that the house is for sale, and the listing has already garnered plenty of attention [c045e3a8].