Stubborn family who refused to sell house to property developers for 30 years finally cash in for £2.8 million
Finally, there is some news coming from a 'stubborn family' who managed to hold off on selling their home for 30 years.
The couple had been holding up on major offers for decades, after having lived in their lovely little home for 60 years.
According to selling agents Tom Hector and Clinton Nguyen of Harris Real Estate, Carmelina Miliado owned the land holding with her husband and didn’t care when land prices around them began to increase massively.
Their small home sits on three acres of land, and is currently surrounded by residential houses in Salisbury, Australia.
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According to Harris, a listing site, it is a ‘truly rare land holding ready for almost immediate development’.
It explained: “95-101 Winzor Street claims an incredible 3-acre estate wonderfully positioned behind the leafy green and pristine fairways of Little Para Golf Course.
“Just a stone's throw to both Hollywood Plaza and the bustling Parabanks Shopping Centre this can only be described as an unmatched residential building opportunity.
“The original main residence, a cosy mid-century home largely untouched and still with a host of charming features, is the last remaining pillar of this single family-owned address.”
With so much charm, it’s understandable that the couple would refuse to sell up, despite being pressured for 30-odd years by hungry developers.
However, with this news comes tragedy.
The family decided to take a deal worth AU $5.5m (£2.8m) at auction.
That’s $2.2m (£1.1m) above its price guide, giving them a huge profit.
According to an Aussie news outlet, the sale had 20 developers battling it out, calling it a competitive show.
“We weren’t (initially) certain in terms of what you could potentially put on that land and how much the council would approve but once most developers did their due diligence, we had a good sense of that this property was going to perform quite well at auction,” Nguyen told news.com.au.
He added: “However, we ended up with a lot more [interest] than what we initially anticipated.
“We’re seeing a lot of demand for these sort of blocks of land at the moment and, speaking to developers, there’s been a few off-market transactions as well.”
Unfortunately, the sale occurred to due to the death of the owners.
“The owners lived in that house up until the end, which was quite recently,” he added.
“I’ve been told they’ve had developers knocking on their door for the last 30 years … but the family didn’t sell because their mum and dad were still alive.
“It was their wish to never let that property go but the cost [to keep it] is now too high for the family. So it’s a very sad sale.”
Now, their children will be able to live on the profits of the sale.
However, the family aren’t the only people who refused to budge on huge selling deals,
The Zammit family mansion sits on a huge amount of land in Sydney, Australia.
With a 200m lawn and exterior, developers have been pestering them with huge sums of cash so that they can bulldoze it all down and build new homes on top of it.
But they’ve turned down $25 million, and continue to do so.
Britt Jones