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12th May 2023

Family rejects $50m offer from developer who built suburb around their home

Steve Hopkins

In 2012, the property was worth less than $5m

A family in Australia has rejected a $50m (£26.6m) offer for their home, in what is the latest in a string of offers from developers who have transformed the neighbourhood around them over a number if years.

The Zammits home, on almost five acres of land, is in stark contrast to the cookie-cutter properties that have sprung up around them in a new build development in The Ponds area near the city of Quakers Hill, about 40-minutes from Sydney.

Most recently, according to 7News, the family turned down a $50m offer.

The family’s neighbours have praised their resilience, which has an obvious benefit for them. They enjoy the cul-de-sacs that the property creates by staying put, rather than having a typical through street.

The local agent, Taylor Bredin, of Ray White Quakers Hill, also praised the family, telling the outlet: “The fact that most people sold out years and years ago, these guys have held on. All credit to them.”

Bredin estimated that the land could accommodate up to 50 houses, with each subdivided 3,200-square-foot block potentially fetching a million dollars each.

Diane Zammit previously spoke to7News about the area, reminiscing about its past, describing it as “farmland dotted with little red brick homes and cottages.”

“Every home was unique and there was so much space — but not any more. It’s just not the same.”

The Zammits’ Windsor Castle-style home features a 650-foot driveway surrounded by lush green gardens with a panoramic view of the Blue Mountains.

In 2012, when most of the Zammits’ neighbours sold up, their property would reportedly have been worth around $4.75 million.

A time-lapse video on Twitter showed the home standing strong amid surrounding construction.

“Poor guys. They just want to live in peace,” one person commented.

In Atlantic City, New Jersey, Bera Coking made headlines in the 1970s when she refused to give up her boarding house despite a $1m offer from Penthouse founder Bob Guccione.

Guccione attempted to build a steel structure around her house but eventually ran out of funds and had to halt construction.

In 1993, Donald Trump sought to buy Coking’s home as part of his plans to expand Harrah’s at Trump Plaza, but she remained steadfast and a court stood by her.

In 2014, the property was sold to Carl Icahn, the owner of Trump Plaza at the time, who later demolished the house.

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