Family rejected $50 million from developers who built suburb around entire property

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 on 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 is 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.

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.

Source: https://www.unilad.com/film-and-tv/australian-onlyfans-model-sparks-fury-with-huge-billboard-in-suburbs-330041-20230410

Comprehension

How much money did the developers offer to the Aussie family for their property?
What kind of home do the homeowners have?
What are some features of the property?
How much could the property be worth now, according to experts?
In what area is the property located, and what is the surrounding neighborhood like?
How many houses could potentially be accommodated on the land if it were subdivided?
What happened to Vera Coking's boarding house in Atlantic City?

Discussion

Why do you think the Aussie family refused the $50 million offer for their property?
What factors might contribute to the increase in the value of the property over time?
How do you think the homeowners feel about their decision to hold onto their property despite the surrounding development?
Should homeowners have the right to refuse selling their property, even if it's in the interest of development or progress? Why or why not?
Can you think of any other similar stories where individuals refused to sell their property against high offers? What were the reasons behind their decisions?
In cases where homeowners resist selling their property, what are some potential challenges they might face?
How do you think the surrounding development and new houses impact the overall value and appeal of the property?

Vocabulary

Suburb - a residential district located on the outskirts of a city or town
Windsor Castle-style - referring to a style of architecture or design reminiscent of Windsor Castle, a royal residence in England
Lush - rich, green, and abundant in growth or vegetation
Panoramic - providing a wide view encompassing a large area
Determination - firmness of purpose; resolve
Valued - considered or estimated to be worth a certain amount of money
Eminent domain - the right of a government to take private property for public use, typically with compensation to the owner
Legal proceedings - the process of conducting a lawsuit or legal action
Demolished - completely destroyed or knocked down