Not Selling – Family Rejects Developer Buying Their Home for $50M

There’s no price for memories, and one family is proving that their memories are worth quite a lot. A family in Australia has denied all the offers on their 5-acre land parcel despite the latest offer hitting a whopping $50 million. Let’s delve into why this couple is refusing developers and what it’s done to their neighborhood.

An Idyllic Countryside Existence

Quakers Hill wasn’t always a bustling residential area. For much of its existence, it was farmland dotted by red brick houses here and there. Parcels of land were cheap and plentiful, resulting in a small settlement with a decent number of people.

However, nothing remains the same forever, and the development of industries in the area made it more desirable as a residential living spot. Because of that, developers saw the perfect opportunity to set up a new residential settlement near the now-growing area of Quakers Hill.

A Routine Residential Development…Or Not

Developers in The Ponds area near Quakers Hill in Australia bought up several of the residential plots that families had held for years in the area. Many were willing to sell at the current market value because they wanted to move elsewhere. Property prices in the area slowly went up as other developers bought in.

The residents sold their properties one by one, and the construction crews moved in. Over the space of a few years, they transformed the rural area into something completely unrecognizable. Streets were built in a complete grid, with well-aligned blocks of houses for new owners.

One Holdout Remained Adamant

Amidst the residents of the area selling and moving, one family refused every offer that came their way. The Zammits had been living on their five-acre property for quite a while and had raised their kids in the home. They had no intention of selling it off to developers.

The developers weren’t giving up, however. For years after, they kept offering more and more. The price of land in the area had skyrocketed since the earliest days, and it would take a lot to even get the Zammits to think about moving. Even so, the couple were not even considering a move.

A Unique Home Amidst the Development

The couple’s Windsor Castle-style home is situated on a massive green space. A 650-foot driveway leads to the house’s front door, which stands out from the rest of the homes surrounding it. Residential roads surround the property, all ending in cul-de-sacs since they can’t go through the property.

The Ponds is a mere 40 minutes outside of Sydney, making it a perfect spot for people who work in the city to settle. The development comprises several hundred houses built in a similar style, making the Zammits’ holdout homestead the most unique construction in the area.

Most Homes Sold in 2012

The Zammits have been holding out on selling their home since the early 2010s. According to property records, most houses were sold in 2012, with a few in early or late 2013. These properties varied in size, and as the developers snapped up more land, the property prices went up.

The five-acre plot that the Zammits own would have been worth around $4.75 million in 2012. However, with the rising land costs in a developing area, the $50 million offer is still quite massive. The developers may see it as an acceptable cost for creating new plots and linking the existing ones with through roads.

Not The Same Anymore

Diane Zammit, one of the owners of the holdout plot, reminisced about how the area had changed. “Every home was unique and there was so much space – but not any more. It’s just not the same,” she commented. Part of the reason they don’t want to sell is because they would be contributing to the “decline” of the area.

The developers countered by saying that their development improved the overall look and feel of the area, making it more attractive to potential homeowners. With so many people working and living near Sydney, building a development here that could support many people made sense.

Why Reject Such a Huge Payday?

Many have wondered why the Zammits have turned down such a massive amount of money for their family home. With the state of the economy and so many jobless people, having a property worth several million dollars is a great way to weather bad times.

Some have pointed out that the amount that the Zammits get from selling this home would be enough to buy a house anywhere else in Australia. While the money would be good and guarantee them a new home elsewhere, the family prefers holding onto their home for the long run.

Neighbors Congratulate Their Resilience

One of the things that has made the Zammits quite popular in their resistance is their fortitude despite the massive offers coming their way. “The fact that most people sold out years and years ago, these guys have held on. All credit to them,” stated one of the real estate agents for the area.

“Poor guys. They just want to live in peace,” a neighbor commented. The Zammits’ property is the only visible clear acreage in the development, and the houses are built right up to the edge of their fence. The sentimental value of the house makes it a block to developers.

Neighbors Are Glad The Family Isn’t Selling

Despite developers looking to make money off the property being disappointed, many families in the area aren’t at all mad that the Zammits aren’t selling. The area around the property ends with several cul-de-sacs that parents really like having. They wouldn’t mind keeping the Zammits around.

“I’m very happy they’ve refused to sell – it means we have a cul-de-sac which is much safer for our kids – and their big lawn makes it feel like we’ve got so much space,” one neighbor commented. The cul-de-sacs are safer since cars won’t come speeding through to head to the other side.

A Potential Gold Mine

Why are the developers so adamant about buying the property? Aside from allowing them to link the internal roads in the development, they could split up the family property into lots. A five-acre portion could easily hold six to seven lots with a road included, with each lot being earmarked for a house at approximately $640,000.

The Zammits, however, are not planning on going anywhere. They’ve spent a lot of their lives in this house and they are not going to move for any price. No one is even sure how high the offers have gotten, but one thing is for sure. The Zammits prove there’s no way to put a price on sentimentality.