An update has emerged regarding the ‘stubborn family’ that turned down a £25 million offer for their highly coveted land.
The Zammit family mansion in Sydney, Australia, is surrounded by a sprawling 200-meter lawn and exterior. Meanwhile, developers are making substantial offers to demolish the property and construct new homes.
Located a 40-minute drive from Sydney’s central business district, the house features a large barn at the rear, a triple car garage, and scenic views extending to the Blue Mountains.
Although valued between £20 million and £30 million, the family remains steadfast in their refusal to compromise.
It appears that neighbors are pleased with the family’s decision, as one resident shared with the Daily Mail, “It doesn’t really bother us.”
“It’s their land, and they can do whatever they choose with it.”
Another neighbor commented, “If I owned that property, I would do the same thing. I support their decision.”
A third neighbor expressed, “I’m really glad they’ve chosen not to sell—it keeps our cul-de-sac safer for our kids. Plus, their large lawn next to us gives us a sense of extra space.”
“Our neighbors don’t understand that, as the other houses are situated so closely together.”
“We’re extremely grateful, and I hope they decide to stay.”
In a recent update, it appears that real estate agents are continuing to take their chances.
According to reports, the Zammits’ front door is cluttered with business cards and handwritten letters pleading for the family to reach out.
However, not everyone is looking to take advantage of them. Real estate agent Taylor Bredin told 7News, “While most people sold out years ago, these guys have held on. All credit to them.”
“Depending on the extent of the development plan, you could potentially fit 40 to 50 properties on a site like this. Once subdivided, a 300-square-meter block could fetch around a million dollars.”
In a previous conversation with the Daily Mail, Diane Zammit remarked, “It used to be farmland scattered with small red brick homes and cottages.”
“Each home was unique, and there was so much space— but that’s no longer the case.”
Explaining the high value of the property, Australian buyers agent Ella Cas stated, “If developed, the revenue would conservatively be $35.8 million, or $43.68 million if I were a Sydney developer.”
“This doesn’t even factor in development costs, and yet you still wouldn’t recoup the $50 million you spent on the land.”
We’ll have to wait and see if their “up” fairytale continues.
