"These guys have held on": Why a family turned down $50 million for their home
A Sydney family has repeatedly refused to sell their family home to major developers, despite being offered an eight-figure sum for the property.
The Zammit family have lived in their impressive home for several decades and have said time and time again that they have no intentions of selling the house, which is situated on a 20,000 square metre parcel of land in western Sydney.
With the massive area of land being smack bang in the centre of a major housing development, some realtors have estimated that the property could fetch a price as high as $50 million.
Despite the family saying they would be staying in the home, documents obtained by news.com.au have confirmed that the house was up for sale in both 2015 and and 2016.
The house was swiftly taken off the market after being initially listed with a price range $858,000 to $945,000.
And just a few years later, they are believed to have received offers of between $33 million and $50 million.
The massive property boasts a lush green lawn in stark contrast to all the houses around it and also a huge 200 metre driveway.
But just metres away are rows and rows of carbon copy grey houses crammed into tight blocks as part of a major development.
The high-density neighbouring homes are built right up to the fence of the Zammit's property, and neighbours reportedly don’t want the owners to sell as they like living in a cul-de-sac.
It’s estimated that 50 houses could fit on the Zammit's block of land if they followed the same style as other developer homes in the area.
A local real estate agent previously praised the Zammit family for staying put, despite the big payouts they have likely been offered.
“The fact that most people sold out years and years ago, these guys have held on. All credit to them,” Ray White Quakers Hill agent Taylor Bredin told 7News.
“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.”
Image credits: 7News