Family who refused $50 million offer for development says the area used to look so 'unique'
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The Sydney family who refused to give up their beloved property for AUD $50 million (£33.1 m) said the area used to look so ‘unique’ before developers came in.
The Zammit family owns a sprawling housing development located near The Ponds, where there are loads of homes side-by-side that all look similar.
But their property sits on its lonesome on a humongous stretch of land and it was believed to be worth tens of millions of dollars when developers came around.
However, a hefty cheque isn’t enough to sway this strong-willed family.
While the family has never officially discussed why they’ve remained on the block of land, they admitted to the Daily Mail that the area is barely recognisable from 16 years ago.
“It used to be farmland dotted with little red brick homes and cottages,” mother Diane Zammits told the outlet.
“Every home was unique, and there was so much space - but not any more. It's just not the same.”
Australian buyers agent Ella Cas revealed that the Zammit's block of land is worth a lot as it could be divided into 46 or 56 lots.
“So if developed, the revenue would be conservatively AUD $35.8 million (£18.92 m) or AUD $43.68 million (£23.35 m) if I'm a Sydney developer,” she explained to the outlet.
She added she had met several farmers who bought their homes for 'pennies' decades ago, only to become millionaires when they sold their property 20 years later.
So, perhaps the Zammits are in it for the long game...the very, very long game.
Ray White Quarters Hill real estate agent Taylor Bredin also previously told 7News: "The fact that most people sold out years and years ago, these guys have held on. All credit to them."
He shared a similar sentiment to Ms Cas, revealing: “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 meter block would get a million dollars.”
The house on Hambledon Road sticks out like a sore thumb, as the vast lot surrounded by greenery has neighbouring two-story grey-roof homes all around it.
Honestly, it looks like one of those blocks of land you can build a home in The Sims - give us a moat and everything!
Although numerous outlets have asked the family if they could see the property on the market anytime soon, they have refused to comment.
Until then, they can continue to enjoy the humongous land fit for a king, queen and even Harry and Meghan.