San Francisco Home Worth $1.8 Million Sold for $488,000 — Thanks to a Healthy Dose of Family Drama
A San Francisco home that hit the market for an astonishing $488,000 in June has sold for its asking price, but the story behind the sale is steeped in family turmoil. Todd Lee, the seller, described the situation as a “family mess” in an interview with the San Francisco Chronicle.
The Sale and Its Surprising Price
The property, originally valued at $1.8 million, was sold to Todd's sister, Cheryl Lee, 66, who had been renting the home with their mother, Sandra Lee, 83. The low sale price was tied to a significant stipulation: the current tenants had occupancy rights that could last nearly 30 years.
Claims of Deception and Betrayal
The listing for the home made it clear that the property was occupied by tenants with a lease that granted them “possible occupancy rights until 2053” and imposed “strong long-term rent rate amount restrictions.” The tenants were paying just $416.67 a month, which included utilities.
Sandra Lee, the matriarch of the family, alleged that Todd and her brother, Cedric Goo, had taken advantage of her and her daughter by listing the home against her wishes. She claimed that her stepfather, Kenneth Goo, had secretly written her a lease before his death, which included long-term rent restrictions.
“If it wasn’t for the lease that [my son] didn’t know about that was made in 2018, I don’t know where we’d be,” Sandra stated, expressing her feelings of betrayal.
A Financial Fiasco
Todd Lee denied his mother’s allegations, stating that he agreed to the sale to avoid litigation, despite receiving higher offers from other buyers. “I wanted to keep it private,” he said, adding that the situation escalated when his mother spoke out.
According to Todd, Kenneth had named him trustee of the family trusts, which included the home, with Sandra and Cedric as beneficiaries. The financial stakes were high, as the home’s value had surged following Kenneth’s death in 2022, leading to a reassessment that increased its worth from $143,152 to $1.428 million.
The Lease and Its Implications
The original lease, signed by Kenneth in 2019, required the tenant to pay property taxes and insurance as part of the rent. This lease was later amended, reducing the tenant’s annual payment to just $5,000, or $416.67 a month, and extending it until December 31, 2053.
The family’s lawyer, Robert Roddick, noted that the tenants were unwilling to vacate the property, which hindered the potential sale price. If the home had sold for its full value of $1.8 million, Sandra and Cheryl would have been entitled to approximately $1.1 million combined, while Cedric would receive around $700,000.
However, with the sale price set at $488,000, Sandra and Cheryl’s total shares would amount to about $300,000, while Cedric’s portion would be around $200,000. This arrangement means that Sandra and Cheryl would own a home valued at $1.8 million, albeit under complicated circumstances.
Conclusion
The sale of this San Francisco home highlights the intricate dynamics of family relationships and the impact of financial decisions on those bonds. As the Lee family navigates this tumultuous situation, the implications of their choices will resonate for years to come.