Family who refused to sell property to developers as city grew around them FINALLY cash in after 60yrs…& make a fortune
A DEFIANT family who held out against the onslaught of development by refusing to sell have finally cashed in after 60 years and made a fortune.
The Miliado family in Adelaide, Australia had been sitting on a three acre, multi-million pound plot while developers have built around them – until now.
The property has been in the hands of the family for decades who have dealt with numerous property developers knocking on the their door in a bid to take it off their hands.
The ginormous plot is home to just one three-bedroom house that was built back in 1955 along with with an accompanying shed – and the property looks frozen in time with its interior decoration.
It is completely surrounded by new builds as the family’s neighbours upped and left, handing their keys over to developers.
Now the Miliado’s, despite holding on for 60 years, have finally decided to sell – and managed to secure just over an unbelievable £3 million for it ($6 million AUD).
This final figure was £1.2 million ($2.4 million AUD) above the guide price as 20 developers went into a bidding war to secure the site.
Harris Real Estate agent Clinton Nguyen told The Advertiser that they were initially unsure of what could be put on the land in terms of council approval.
But “once most developers did their due diligence”, the estate agency knew the property would “perform quite well at auction”.
The agent’s colleague said it was a “very sad sale” for the Miliado family as they were only selling after their parents passed away.
Tom Hector added: “The owners lived in that house up until the end, which was quite recently.
“I’ve been told they’ve had developers knocking on their door for the last 30 years.
“But [the family] didn’t sell because their mum and dad were still alive.
“It was their wish to never let that property go.”
He also said that it was costing the family too much to hold onto it, leading to its sale.
The property is situated near a gold course and shops in Salisbury, Adelaide.
Tom also told 7News that the site has great potential, calling it “an unmatched residential building opportunity”.
He said: “The developers have to let their imagination go wild, subject to what they can do with an urban planner.”
In a similar tale, a family in Sydney are holding out against the onslaught of development in their neighbourhood by refusing to sell their beloved five acre home.
The Zammit family are sitting on a £25million goldmine in Sydney but unlike their neighbours who let go long ago, they have told developers to keep on “dreaming”.
Their large five bedroom property with a sprawling 200 metre-long drive is located in The Ponds area in west Sydney, where hundreds of new homes have popped up in recent years.
The desirable area is only a 40-minute drive from the centre of the city and has beautiful views across the Blue Mountains.
The home looks bizarrely out-of-place wedged between identical chock-a-block newbuilds, where its 1.99 hectare garden could fit over 50 of the matching new homes inside.
However, when their neighbours upped and left – choosing to sell to the developers – the Zammits made a last hold out.
They refused to sell, despite being offered millions, and prevented the developers snatching up the last plot of land.
“The fact that most people sold out years and years ago, these guys have held on. All credit to them,” local agent Taylor Bredin told 7News.
“Depending on how far you push the development plan, you’d be able to push anywhere from 40 to 50 properties on something like this, and when subdivided, a 300 square metre block would get a million dollars.”
In short, the land could be worth over £25million, especially after ten years of their private rebellion.