Expert shares how much they think land is now worth after ‘stubborn family’ rejected £25m offer to sell house
You might remember the infamous 'stubborn family' who previously rejected a £25 million offer for their land, but have you ever wondered how much it could be valued at now?
The Zammit family in Sydney, Australia, own a mansion surrounded by a 200m green lawn, which developers have been offering huge amounts of cash for so they can bulldoze it down and build new properties on top.
The Windsor Castle-style home is believed to boast a huge barn out the back, with a triple car garage as well as more than five bedrooms.
The Zammits have been offered so much money and refuse to budge, with the Daily Mail reporting to have recently visited the property to find the outside littered with estate agent business cards and ‘handwritten letters’ begging the family to contact them.
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But if they aren’t budging for £25m, what’s it actually worth? With scenic views of the Blue Mountains, surely it’s got to cost a bomb?
And although the family have been pestered to no end and now live in the middle of a housing estate, they don’t seem fazed.
In 2015, the Zammits briefly put it up for sale and was priced at $858,000 to $945,000, according to real estate records on RP Data show, and again in 2016 it was listed.
Since then, the family have shared how different the land has become.
Diane Zammit told Daily Mail Australia: “It used to be 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.”
According to a local property analyst, who told the Daily Mail that around 40 homes could sit on the land, it’s worth quite a bit.
They told the publication: “The land is probably worth around $60 million if it was developed now.
“Even if someone paid them $40 million for it, the developer stands to make at least $20 million.
“And given the way Sydney home prices continue to soar, even a price tag of $60 million would return the developer a substantial profit by the time the homes were finally approved, constructed and sold.
“They must really love that home to ignore that kind of money.”
Indeed, they must.
Neighbours have also stood firmly by the Zammits after their decision to stay in their home went public, and praised them for not giving in to financial temptation.
One 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 neighbours don't get that because the other houses are so close together. We're very grateful! I hope they stay."
Estate agent Taylor Bredin, who works for Ray White Quakers Hill, also agrees that they’ve made the right call.
He said: "The fact that most people sold out years and years ago, these guys have held on. All credit to them."
Britt Jones