Have you ever been sitting on a piece of property that someone wanted to buy? Well, that’s the case for one family who lives near a development.
The family is located in The Ponds, which is a suburb of Sydney, Australia. They have refused to sell their idyllic property to developers who are eager to obtain it so they can divide it into smaller lots and build houses on the land to sell to the highest bidder.
The developer estimated the worth of the property to be as much as $50 million. Nevertheless, the family refuses to sell their property and have their mansion dismantled and their land was broken up into smaller lots so housing units can be developed.
The owners of the property in question are the Zammit family. They are holding strong to their land despite being offered millions of dollars from the developers.
Ever since the family first moved into The Ponds, the neighborhood has changed a lot. Back in 2018, developers began buying up vacant land around the family’s house and started building homes that they then turned around and sold on the open market. The homes are built one on top of the other because the developers are trying to squeeze as much value out of their property as possible.
While other landowners in the area sold their properties to the developers, the Zammit family refuses to sell their land despite being offered millions of dollars. The family has become notorious among developers in The Pond, with one of them going so far as to praise the Zammit family for maintaining their stance despite having so much money waved in front of their faces.
An agent for Ray White Quaker Hill named Taylor Bredin told 7NEWS Australia that he is proud of the family for maintaining their stance and refusing to sell to the developer.
“The fact that most people sold out years and years ago, these guys have held on. All the credit to them.”
Bredin added, “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.”
Despite having been offered millions of dollars for their lot of land in The Pond, the Zammit family continues to hold on to their dream home. While the family could benefit from so much money, they do not feel that it is worth the hassle of having to move locations because they love their dream home in The Ponds more than any other possession of theirs.
The family has not yet made any public comment about their property despite the developers pushing to have them sell as soon as possible.
Do you think this family should sell their land and cash out? Or is it better to hold onto their dream home?