Family turned down AUD$50 million offer from developers who built suburb around their home

An Australian family knocked back an offer of AUD$50 million from developers for their plot of land, insisting it isn’t for sale.

The Zammit family have been on the plot of land in Sydney for decades, and that’s the way they want it to stay, despite vast amounts of cash being offered to them.

To put it plainly: they’re not looking to sell up, the land isn’t for sale, so stop asking, thank you very much.

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To be fair, it’s not hard to see why the Zammits are wanting to stay put.

The family’s impressive property stretches across five acres of land – the equivalent to two hectares.

There’s a five-bedroom house on the land with a 650-foot driveway, surrounded by lush green gardens and a panoramic view of the Blue Mountains.

What’s more, the home’s just 40 minutes from the center of Sydney.

It’s clear to see from the picture above, the Zammit’s plot of land sticks out just a bit.

Located in an area of Sydney called The Ponds, over the years hundreds of properties have been built around it.

While other neighbors have upped sticks and left, making way for the developers to move in, the Zammit family aren’t budging.

Despite being offered millions, they’ve turned the lot down.

When most neighboring blocks of land were sold in 2012, the family’s property would’ve been valued at around AUD$4.75 million.

Now experts say it could be worth in the region of AUD$50 million.

Even the local real estate agents are impressed.

This house in Australia has continually rejected offers for purchase, most recently a $50 million dollar offer, per 7News: pic.twitter.com/jCtxOMTCn6

— unusual_whales (@unusual_whales) May 7, 2023

“The fact that most people sold out years and years ago, these guys have held on. All credit to them.” Taylor Bredin, a real estate agent with Ray White Quakers Hill, told 7News.

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.”

Thankfully the Zammits still have their plot of land, unlike the man who returned home to the land he bought in 1991, only to find a $1.5 million house on it.

Australia’s also home to the coolest back yard in the world – an F1-style race track, 5.1 kilometers in length and with 22 turns, tucked away on the Central Coast.