Have you ever sat on a piece of land that a buyer expressed interest in purchasing? For one family that lives close to a development, that is the situation.

The family in question resides in The Ponds, an Australian suburb of Sydney.
Developers are anxious to buy their land, split it into smaller lots, and build houses on the land to sell to the highest bidder, but they have refused to sell.

The property’s developer assessed its value at up to $50 million. But, the family is unwilling to sell their assets, have their mansion demolished, and have their land divided into smaller lots in order to build more homes.

Owners of the property are reportedly the Zammit family. The developers have given them millions of dollars, but they refuse to give up their land.

There have been significant changes to the neighborhood since the Zammit family initially moved into The Ponds. In 2018, real estate developers started acquiring the family’s surrounding unoccupied property and constructing houses, which they later resold on the open market. The reason for building the houses one on top of the other is that the developers want to extract as much value as they can from their land.

The developers purchased the properties of other local landowners, but the Zammit family has rejected offers of millions of dollars to sell their property.

The Zammit family has gained notoriety among The Pond’s developers; one of them even went so far as to commend the family for sticking to their principles in spite of having a large sum of money thrown in their faces.

Ray White Quaker Hill agent Taylor Bredin told 7NEWS Australia that he is proud of the family for sticking to their principles and declining to sell to the developer.

“The fact that most people sold out years and years ago, these guys have held on. All the credit to them.”

Bredin added, “Depending on how far you push the development plan, you’d be able to push anywhere from forty to fifty properties on something like this, and when subdivided, a three-quarter meter block would get a million dollars.”

In spite of having been offered millions of dollars for their lot of land in The Pond, the Zammit family continues to hold on to their dream home. While the family could benefit from so much money, they do not feel that it is worth the hassle of having to move locations because they love their dream home in The Ponds more than any other possession of theirs.

The family has not yet made any public comment about their property though the developers pushes to have them sell as soon as possible.

Do you think this family should sell their land and cash out? Or is it better to hold onto their dream home?