HOUSE RAFFLE!!!!

Shep_Cobain

Shep_Cobain

Shep_Cobain

Soldato
Joined
26 Feb 2007
Posts
3,322
Location
Blackpool
You guys seen this?

www.winadevonpropertywithfishing.co.uk

A guy is raffling his house which is a fantastic one!

£25 a ticket and there is 46,000 tickets available. Ends December and has 26,000 tickets sold already!!!

1 in 46,000 chance and you win a property worth a £1,000,000 + :D

He pays conveyancing fees!

I just bought my ticket!
 
25 x 46000 = 1150000.

If he sells all those tickets then that means that 45999 people are going to be left out of pocket like fools and he'll be laughing all the way to the bank, with 150,000 profit (minus a few fees but it's still a hell of a profit for doing sod all).
 
Not a scam. It's done around here all the time. It is very difficult to get proper value out of a house these days; most people can't sell for what they owe. By raffling, you can be sure to make enough money to pay off the loan. £25 is a tempting offer for anyone to receive a full house. Doubtful he will get 46,000 people to bite on it, though.
 
Him and his mrs were on the morning bbc news show a few days ago. I remember this type of thing being done before and not being very successful.

If they don't sell enough tickets they said they would just raffle for the money generated instead, LESS admin costs. Either way it costs them £0 with no risk.
 
If someone mega rich really wanted this house they could just buy say 30000 tickets, at £750000, which means they will have more or less a 3/4 chance of winning and at a much reduced price if they were to actually buy it. Not to mention if there isn't a winner then you'd have the same chance of walking away with all your money back plus a few grand from other ticket purchases.
 
Surely he has to pay tax on the money? now hes got so much coverage im sure his local tax man will be interested.

And what about captial gains tax for the person who "wins" it. I thought you werent allowed to sell a house for a small sum to avoid tax, so he either pays full tax at 20% on the money from the tickets or else something is funny.

I mean if he doesnt then anyone can do the same and rake in millions a year tax free by running house lotteries making sure to sell more tickets then the place is worth. ( maybe people do! )
 
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The house is being sold £150k over asking price to cover admin costs. To be legal they have to ask a trivial question to all those entering, like a competition rather than a raffle/gamble.
 
digisatman said:
he's making a dime..., why cant u just put £25 on the lottery?
Click to expand...

the prize fund for the lottery is diminished by good causes, the govt's rake, operator's profit etc..etc..

with this comp almost the entire pot is the prize fund (we'll assume that he's using a slightly ambitious estimate of the value of his house given todays market) - or if the house doesn't go the winner takes everything minus costs (which lets face it won't be much - bit of hosting + some solicitors costs)
 
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