One Sydney, Australia family who lives near a bustling development is sitting on quite a piece of property. The Ponds suburbia has become increasingly desirable due to recent expansions. Developers have offered to buy their land so they can tear down the idyllic property and build houses on smaller lots to sell at a higher price, but the original owners refuse.
The developer valued the property at an impressive $50 million, but the family still refuses to sell and have their mansion torn down. If they did, then their land would be divided into smaller lots where housing units could be developed.
The Zammit family owns the land in question and they are refusing to sell it, even though developers have offered them millions of dollars.
The Ponds have come a long way since the family first moved in. In 2018, developers started buying up vacant land and building homes to sell on the market. The developers build the homes one on top of the other to fit more homes into their land and make more money.
Although the developers offered them millions of dollars, the Zammit family refused to sell their land like other landowners in the area. Developers in The Pond have become increasingly frustrated with the family’s refusal to sell their land, with one even going so far as to praise them for maintaining their stance despite all the money that has been offered.
Taylor Bredin, an agent for Ray White Quaker Hill, told 7NEWS Australia that the family’s stance and refusal to sell to developers makes him proud.
“The fact that most people sold out years and years ago, these guys have held on. All the credit to them.”
Bredin continued, “Depending on how far you push the development plan, you’d be able to push anywhere from forty to fifty properties on something like this, and when subdivided, a three-quarter meter block would get a million dollars.”
The Zammit family has been offered millions of dollars for their land in The Pond, but they have refused to sell it because it is their dream home. Although the money would be very beneficial to them, they feel that it is not worth having to move and leave their beloved home.
Despite the developers pressing for a sale, the family has remained tight-lipped about their property.
Should this family sell their land and pocket the money, or is it better to hang onto their dream home?