A family finally gave in to pressure and decided to sell their $11M home after developers built a neighborhood around them.
In a surprising turn of events, a family in Brisbane, Australia, has decided to sell their luxurious home for $11 million.
This decision comes after years of pressure from developers who built a new neighborhood around their property.
The family had previously resisted offers to sell but ultimately chose to cash in on their valuable land.
The home and its history
The family owned a sprawling estate that covers 1.21 hectares, which is about three American football fields.
This large piece of land is located on Gaskell Street in the suburb of Eight Mile Plains.
A few years ago, developers approached the family with an offer of $8 million.
However, they turned it down, believing their home was worth more than that.
Over the years, many new houses were constructed around them, creating a bustling neighborhood.
The area has become quite popular, with homes selling for an average of $1.5 million.
As the development continued, the family’s property stood out as the last large piece of land available in the area.
Family sells $11M home after developers apply pressure by building neighborhood around them
Recently, the family decided to take the plunge and sell their home.
The property was sold for an impressive $11 million, a significant increase from the initial offer they received.
The sale was handled by real estate agents from Ray White Robertson, who highlighted the unique opportunity the property presented.
The agents noted that the buyers of the home were the children of a couple who had passed away a few years ago.
The family had held onto the property for several years, waiting for the right moment to sell.
According to agent John Heng, they did well by holding out for a better price.
Mr Heng added: “They held it for a few years.”
“They did well holding out,” he continued. “When we first went to market we were looking for about $8 million.”
Future plans for the land
With the sale complete, plans are now in place to develop the land further.
The new owners intend to build up to 26 new homes on the site.
These new homes will vary in size, ranging from 300 to 600 square meters.
Given the demand in the Eight Mile Plains area, the new homes are expected to attract a lot of interest from buyers.
Real estate listings indicate that homes in this suburb are highly sought after, with an average of 1,644 potential buyers expressing interest in each new listing.
The agents described the property as a rare gem, emphasizing its development potential and prime location.
The listing on Ray White Robertson adds: “Without doubt this is a once-in-a-lifetime opportunity to acquire one of the largest and best remaining land sites available in this established and very popular neighbourhood.
“Accessible from Gaskell Street, and backing all the way to Bordeaux Street, which runs directly behind, this enormous 1.21 hectare (12,100sq m) site is an absolute rarity and offers amazing development potential.”
Comparison to another family
This situation is not unique in Australia.
Another family, the Zammits, has made headlines for refusing to sell their land despite receiving offers of up to $50 million.
Their home is located in Sydney, surrounded by new developments, yet they remain steadfast in their decision to keep their property.