Family rejected $50 million from developers who built suburb around entire property
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Featured Image Credit: 7News
An Aussie family refused a $50 million offer from developers who constructed a suburb around their entire property.
The homeowners said they are not able to put a price to their beloved Windsor Castle-style home.
The impressive property features a 650-foot driveway surrounded by lush green gardens with a panoramic view of the Blue Mountains, and just 40 mins away from the centre of Sydney.
The house stretches across five acres of land which equates to two-hectares of area and has become a symbol of the family's determination to stay in their neighbourhood, despite external pressures.
Back in 2012, when most neighbouring blocks of land were sold, the property would have been valued at approximately $4.75 million, reflecting the market conditions at that time. Now, experts say it could be worth around $50 million.
Amid the bustling new-build development in The Ponds area near Quakers Hill, the property is surrounded by row after row of recently constructed houses.
Taylor Bredin, a real estate agent with Ray White Quakers Hill, told 7News: "The fact that most people sold out years and years ago, these guys have held on. All credit to them."
Bredin suggests that the land has the capacity to accommodate around 50 houses, and if subdivided into 3,200-square-foot blocks, each could potentially be valued at one million dollars.
As per 7News, the homeowners have denied revealing their plans about selling the property.
Well, it turns out that these homeowners aren't the only ones who'd like to stay in their 'dream' home forever.
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
Vera Coking made headlines in the 1970s when she refused to give up her boarding house in Atlantic City, New Jersey, despite a $1 million 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 in her refusal to sell.
Following legal proceedings, Trump's attempt to acquire Coking's property through eminent domain was rejected by the courts.
Eventually, in 2014, the property was sold to Carl Icahn, the owner of Trump Plaza at the time, who later demolished the house.