An Australian property listed for AU$12 million in 2018 has dropped in value to AU$1 due to proposed land rezoning.
Theo Koutsomihalis's home plummeted after the New South Wales government rezoned land around the airport at Badgerys Creek in Western Sydney, which is due to open in 2026.
The four-hectare Bringelly property transformed from rural land to 100 percent environmental land under the new rule, established in October last year, the Daily Mail reports.
The land was rezoned as "agribusiness", which means it would be used for supply chain industries, food processing and production and agricultural produce industries.
"Up to 11,000 jobs will be located across the precinct by 2056," according to the planning legislation.
The infrustruacture plans aims to improve the liveability, "where a 'beyond business as usual' approach will focus on creating a cooler and greener city," it says.
But resident Koutsomihalis told ABC the 100 percent green space has rendered his property "worthless".
"This 100 percent green space has rendered my property worthless," Koutsomihalis told ABC News.
"I've had my property officially valued and with nobody acquiring my land, it has been valued at AU$1 and unsaleable.
"This loss of value is theft. I've lost all my equity in my home."
Many other residents were shocked to find out their land would be worthless after being designated as a green space.
On Tuesday, Koutsomihalis among hundreds of angry residents confronted leaders and demanded an Upper House parliamentary inquiry into the planning.
Planning firm Urbis, which had initially valued his land at AU$11 million, informed Koutsomihalis his property is now "unsellable".
"I'm stuck now with a property worth $1 for the next 20 or 30 years, if it ever sells," Koutsomihalis told The Daily Telegraph.
"The other day I literally had to pull the car over and had a panic attack for 45 minutes.
"My kids' future is gone."
Australian Federal Police are investigating the deal over possible fraud.
