A family declined a $50 million offer from land developers, yet their house ended up encircled by new constructions.
When developers targeted an area just 40 minutes from Sydney’s center, they faced a significant hurdle – a family with a sizable property and a 650-foot driveway.
Despite being presented with an extraordinary AUD $50 million offer, the family remained firm.
Nevertheless, the developers proceeded and, unable to acquire the family’s home or land, they built a suburb around the entire property instead.
Prepare for a surprise:
The Zammit family had resided in their home on Hambledon Road for years and had no intention of relocating despite the developers’ ambitions.
Their property resembles a castle, offering views of the Blue Mountains and spanning five acres – approximately two hectares.
The developers continued their project, constructing the suburb around the family’s land. A 30-second time-lapse video shows how they transformed the area surrounding the house, resulting in a unique-looking neighborhood.
Initially, the property was surrounded by open green space, but now it is bordered by rows of typical suburban homes.
Predictably, the extensive mansion and its vast garden could have been turned into an entire street if the developers had succeeded.
Most of the neighboring houses were sold in 2012 to facilitate the developers’ plans, and at that time, the remaining house was valued at about AUD $4.75 million.
By May of last year, experts estimated the house’s value could reach an astounding AUD $50 million.
Amid the bustling development in The Ponds area near Quakers Hill, Taylor Bredin, a real estate agent with Ray White Quakers Hill, stated to 7News: “The fact that most people sold out years and years ago, these guys have held on. All credit to them.”
Bredin also indicated that the land could support around 50 houses, and if divided into 3,200-square-foot plots, each could potentially be valued at one million dollars.
However, the homeowners refused to disclose their plans about selling the property, according to 7News.
While most people might be expected to sell and move when developers approach, this story exemplifies standing firm despite the financial temptations.