Family Who Turned Down $50m From Developers Who Built Suburb Around Their Home Will Continue To Decline Offers

The owners of an Australian piece of property that is highly coveted by developers and may be worth more than $30 million have told them where to go and insisted the land is still not for sale.

Credit: 7News

The house has stood in the same spot for decades, much like the owner's family, who are adamant about preventing the development of their plot at all costs. 

The house is surrounded by a sizable garden and is currently situated among countless new-build development houses.

Despite the substantial sums offered for them to leave, the Zammit family has been on the Sydney land piece for a very long time and wants to keep it that way.

These sums also continue to rise.

The family has however advised individuals who want to level their land and build numerous luxurious homes there to "keep dreaming."

Credit: 7News

In other words, they're not looking to downsize and the land is not for sale, so please stop bringing it up.

It stands out a little bit in the vicinity, as you can see from the images.

The house and garden are located in The Ponds, a neighborhood in Sydney where hundreds of homes have been built all around it over the years.

Their five-bedroom home is situated on 1.99 hectares, which has enough land for 50 homes similar to others in the neighborhood.

However, the Zammit family won't budge while other neighbors have raised stakes and moved out, allowing the developers to go in.

Millions were offered to them, but they declined every single one.

Even the brokers are impressed, as local broker Taylor Bredin told 7News: “The fact that most people sold out years and years ago, these guys have held on.”

“All credit to them.”

He continued: “Depending on how far you push the development plan, you’d be able to push anywhere from 40 to 50 properties on something like this, and when subdivided, a 300 square meter block would get a million dollars.”

That implies that the entire thing would be significantly more valuable than that.

Around £25 million, or about $30.5 million in American currency.

The Zammits carried on living their lives as they always had until their house was the only one that remained of the original construction around them.

According to Diane Zammit, the region used to be known for its "farmland dotted with little red brick homes and cottages."

She told Daily Mail Australia: “Every home was unique and there was so much space - but not anymore."

“It’s just not the same.”

But that doesn't mean they intend to go, and she offered this advice for any developers who were reading: "Tell 'em they're dreaming."

Even newcomers to the neighborhood are appreciative of the Zammits for holding their ground.

One nearby resident said: "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 next to us makes it feel like we've got so much space.”

"Our neighbors don't get that because the other houses are so close together.

“We're very grateful! I hope they stay."

They don't seem to be leaving anytime soon, to be sure.