Update on 'stubborn family' who rejected £25m offer from developers who built entire estate around property
There's been an update on the 'stubborn family' who rejected a £25m offer for their highly-sought after land.
The Zammit family mansion in Sydney, Australia, is sat in the middle of a 200m lawn and exterior, while developers are offering huge sums to bulldoze and build new homes.
A 40-minute drive to Sydney's central business district, the house boasts a huge barn at the back, a triple car garage and views across to the Blue Mountains.
Valued between £20m-£30m however, the family are refusing to budge.
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And it seems neighbours are delighted with their decision, as one person told the Daily Mail: "It doesn't really bother us.
"It's their land, they can do what they want with it."
Another said: "If I had that property, I would do the same thing. I'm with them."
While a third also added: "I'm very happy they've refused to sell - it means we have a cul-de-sac which is much safer for our kids - and their big lawn next to us makes it feel like we've got so much space.
"Our neighbours don't get that because the other houses are so close together.
“We're very grateful. I hope they stay."
In an update meanwhile, it seems real estate agents are still trying their luck.
The outlet reports that the Zammits' front door is littered with business cards and handwritten letters, begging the family to get in touch.
But not everyone is trying to exploit them, as real estate agent Taylor Bredin told 7News: “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.”
Previously speaking to the Daily Mail, Diane Zammit said: "It used to be farmland dotted with little red brick homes and cottages.
"Every home was unique and there was so much space - but not anymore."
Explaining why the property is worth so much, Australian buyers agent Ella Cas, said: "So if developed, the revenue would be conservatively $35.8 million or $43.68 million dollars if I'm a Sydney developer.
"This doesn't even include development cost, and already you have not made back the $50 million dollars you spent on the land."
We'll have to wait and see if their Up fairytale continues.
Anish Vij