A family in Australia has defied developers and held on to their property, despite offers reaching up to $50 million.
The family, who live in a Windsor Castle-style mansion surrounded by lush green gardens and a panoramic view of the Blue Mountains, have repeatedly turned down developers who went on to build an entire suburb on all the land bordering their property.
According to reports, the family claims they are unable to put a price on their special home and have no plans to sell. The property, which features a 650-foot driveway, is enclosed on all sides by neighboring homes built right up to its fence, yet the family say they like living in a cul-de-sac.
While most of the neighboring blocks of land were sold off in 2012, during which time the property in question would have been valued at around $4.75 million, experts are now claiming that the home might be worth as much as $50 million. Despite developers making several big offers, the family remains resolute.
Taylor Bredin, a real estate agent with Ray White Quakers Hill, said, “The fact that most people sold out years and years ago, these guys have held on. All credit to them. Depending on how far you push the development plan, you’d be able to push anywhere from 40 to 50 properties on something like this, and when subdivided, a 300 square metre block would get a million dollars.”
The family’s refusal to sell their property has made headlines, as it takes a lot of resolve to turn down the idea of $50 million. Mom Diane Zammit, 50, told Daily Mail Australia that the neighborhood used to be “farmland dotted with little red brick homes and cottages” and “every home was unique and there was so much space – but not any more. It’s just not the same.”
While many may be surprised by the family’s decision, it’s not the first time someone has chosen to hold on to their property instead of selling it to developers. In fact, in recent years, there has been a growing trend of homeowners rejecting offers from developers in order to preserve their way of life and the character of their neighborhoods.
This trend is particularly prevalent in cities where gentrification has led to a surge in demand for property and the construction of high-density developments. Homeowners who hold on to their properties in these areas are often seen as being stubborn or difficult, but many believe that it’s important to stand up to developers and preserve the character of their neighborhoods.
In conclusion, the family’s decision to hold on to their property despite lucrative offers from developers is a bold move, but one that’s becoming increasingly common in cities around the world. Whether they will eventually sell their home or continue to live there for years to come remains to be seen, but for now, they seem happy to stay put and enjoy their slice of paradise in the midst of a bustling suburb.