Australian Family Refuses $50 Million Offer From Developers Who Constructed Suburb Around Their Property

Developers who built a suburb surrounding an Australian family's property have made a $50 million offer, which the family declined.

The homeowners refused the offer, as they value their cherished Windsor Castle-style residence beyond any monetary amount.

The impressive property boasts a 650-foot driveway enveloped by lush green gardens, providing a panoramic view of the Blue Mountains, and is conveniently located just 40 minutes from the heart of Sydney.

The house occupies an area of two hectares, equivalent to five acres of land and has become a testament to the family's commitment to their neighborhood, despite external pressures.

During 2012, when most of the adjacent land blocks were sold, the property would have been valued at an estimated $4.75 million, based on the market conditions at the time.

However, current assessments by experts suggest it could be worth approximately $50 million.

Situated in the vibrant new-build development of The Ponds region near Quakers Hill, the property is encompassed by an array of freshly built residences.

According to Taylor Bredin, a real estate agent affiliated with Ray White Quakers Hill, speaking to 7News:

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

According to Bredin's estimation, the land has the potential to host nearly 50 houses. By dividing it into 3,200-square-foot blocks, each block may be valued at one million dollars.

The homeowners have declined to reveal their intentions about selling the property, as reported by 7News.

Interestingly, it appears that these homeowners are not alone in their desire to retain their "dream" home indefinitely.

Vera Coking became a public figure in the 1970s after she declined a $1 million offer from Bob Guccione, the founder of Penthouse, for her boarding house in Atlantic City, New Jersey.

Guccione attempted to construct a steel structure around Coking's house, but the project was eventually abandoned due to a lack of funds.

In 1993, Donald Trump endeavored to purchase Coking's property as part of his scheme to expand Harrah's at Trump Plaza. Despite Trump's efforts, Coking refused to sell her home.

Following legal disputes, the courts rejected Trump's attempt to obtain Coking's property through eminent domain.

In 2014, the property was finally sold to Carl Icahn, who owned Trump Plaza at that time. Icahn later demolished Coking's house.