An Australian family has refused a jaw-dropping $50 million offer from developers for their cherished home.
To keep their house intact and unique, this family still firmly refused offers from developers despite being located among other modern houses.
The Zammits family declined a $50 million offer from developers.
For over 15 years, the Zammits have lived in their six-bedroom, triple-garage house on a five-acre property in Quakers Hill, Sydney.
Throughout this time, while their home has stayed the same, notable changes have occurred in the neighborhood.
According to reports, the Zammits recently declined a $40 million offer from developers.
Property experts have estimated the value of their assets to be between $40 million and $50 million, while some have suggested a slightly lower range starting from $30 million.
Walter Nanni from iBuy Property Buyers Agency believes the family may have received offers ranging from $35 million to $40 million.
However, the Zammits haven't said publicly what offers they got.
Despite the huge compensation, the family still firmly refused all offers from the developers
Australian buyers agent Ella Cas suggests that if the Zammits were to agree to developers' offers, their property could potentially be subdivided into either 46 or 56 lots, resulting in approximately 50 houses.
These properties could fetch around one million US dollars each.
Despite this potential amount of money, Cas expresses surprise that the Zammits have not accepted any offers from developers.
Local real estate agent Taylor Bredin commends the Zammits for their decision to hold onto their property while many others have sold out over the years.
In 2012, most nearby properties were sold, valuing the Zammits' property at around $4.75 million ten years ago.
Their house, similar to Windsor Castle, sits on a spacious lawn with a 650-foot driveway.
Located approximately 40 minutes from the center of Sydney, it provides stunning panoramic views of the Blue Mountains.
High-density homes neighboring the Zammits' property are built right up to their fence line.
Nearby neighbors supported the Zammits family's decision
A neighbor expressed contentment over the Zammits' refusal to sell, highlighting the benefits it brings to the community.
They appreciate having a safer cul-de-sac for their children to play in and enjoy the sense of space provided by the Zammits' large lawn.
The neighbor contrasts this with the crowded houses nearby, expressing gratitude for the sense of openness the Zammits' property offers.
They hope the Zammits continue to stay in the neighborhood.
The homeowner, Diane Zammit, remembered how the area used to be farmland with the love of red brick houses and cottages. She feels sad about the changes, saying there's less uniqueness and space now.
