A modest San Francisco home, listed for a surprising $488,000, has been sold, but the sale has uncovered a family drama filled with legal battles and deep tensions. The seller, Todd Lee, accepted an offer from his sister, Cheryl Lee, who had been living in the house with their 83-year-old mother, Sandra Lee. However, the low listing price came with a significant caveat: the tenants, who are family, have the right to stay in the house until 2053. This unusual situation arose from a complex family history and legal setup that has pitted family members against each other.
The property’s history dates back to the 1970s when Sandra’s parents bought it for $52,000. After their deaths, the family dynamics took a sharp turn when the house was listed for sale. Sandra Lee accused her sons, Todd and Cedric Goo, of a breach of trust, claiming they sold the property behind her back, going against her wishes.
Sandra claims that her late stepfather, Kenneth Goo, quietly prepared a lease for her before his death in 2022, ensuring low rent and occupancy rights until 2053. She believes this lease, unknown to her sons, was a deliberate act of deception and betrayal.
Todd, however, denied any wrongdoing, stating he sold the home to avoid a drawn-out legal battle, even though other buyers offered more money. He also stated that his mother’s public accusations made the situation significantly worse.
As trustee of the family trusts, Todd explained that the house is part of a complex financial arrangement involving Cheryl, Sandra, and Cedric. They are all beneficiaries, with Sandra and Cedric holding a 37.5% share and Cheryl holding 25%. Kenneth Goo established a lease in 2019 that required the tenant to cover property taxes and insurance, but this was amended in 2021 to cap these costs at $5,000 annually, with an extension to 2053.
After Kenneth’s death, the home’s market value surged from $143,152 to $1.4 million, and annual property taxes increased significantly. Cheryl covered the latest tax bill, according to Todd and the family trusts’ lawyer, Robert Roddick. Roddick also stated that a broker valued the house at $1.8 million, excluding the tenants’ rights.
Despite the drama, the house was sold to Cheryl and Sandra for $488,000. Roddick explained that this arrangement allows Sandra and Cheryl to own a home worth $1.8 million while Cedric receives a reduced share from the sale.
While the sale has been finalized, the story surrounding it continues to unravel, with family tensions and legal complexities likely to linger. This case highlights the complexities of property ownership, especially when family dynamics and legal arrangements intertwine.
