is a raffle a good way to unload a multimillion $ house?

[karyn]

from boston channel

Multimillion-Dollar Home Raffled Off For $10
Owners Hope To Sell 300,000 Tickets

POSTED: 6:22 pm EDT March 26, 2009
UPDATED: 7:37 pm EDT March 26, 2009

FORT LAUDERDALE, Fla. -- A homeowner in Fort Lauderdale, Fla., has decided to raffle off his multimillion-dollar home, Miami television station WPLG reported.

The waterfront mansion has six bedrooms, six and a half bathrooms, plus a gourmet kitchen, saltwater pool and a movie theater.

Miles and Laura Brannan who own the home said they don't want to move, but because of the economic crisis they've had to make tough decisions, and selling their home is one of them.

With no buyers to be found, the Brannans have decided to raffle off their home.

They plan to sell 300,000 tickets at only $10 each.

They'll use the money from the raffle sales to pay off their mortgage, and then give any other profits to their local church, Saint Simeon's.

Miles Brannan said, "When we're done with the raffle, the church will purchase the house and turn it over to the winner of the raffle."

The raffle is a last resort for the family, who said they had three good offers on the house, but none of the potential buyers could get financing.

The home has been up for sale since August 2008.

If you win the raffle, there is one catch. Taxes on the home are about $34,000 a year.

For more information, click here.

[Mr Karl]

master suites bigger than my whole house

[Dusk]

Its one way to do it I suppose

[SyntheticShock]

Damn, I'd buy a raffle ticket!

[FedorasBox]

where do I get a ticket for that? shit...

[nathanmbailey]

Wow, the taxes on the home by itself is more than I make in a year. Several years actually.

[eviltwin]

I bet they make bank!
Churches are really good at promoting drawings, but last time I checked (years ago), "raffles" were illegal in Florida. They have to be "drawings". Using the word raffle was something that could get even churches in trouble...

[eviltwin]

ps: sorry for splitting hairs, i work in gambling, and that stuck out for me...