Million Dollar House Raffle

[c0rnedfr0g]

Some guy is trying to quickly sell his house in this crummy market, so he has decided to raffle it off. Apparently, it's an old log cabin that has a million-dollar expansion. The guy's in Maryland, but you could own the whole kit'n'kaboodle for only a $50 ticket. I think he wants to sell 31,000+ tickets.

http://www.fiftydollarhouse.com/

Any one gonna take a shot at it? Do you think he'll sell enough tickets?

 

[Holdfast]

I didn't click the link for this particular raffle, but I've heard of similar schemes before.

There's usually a get-out clause allowing the owner to cancel the raffle and refund the money if insufficient tickets are sold.

I rather suspect one could make some real profit on such a scheme, if it was marketed well enough. However, I also suspect you'd need to invest some serious money into ensuring compliance with lottery regulations and other admin issues.

 

[Nobody]

Yep, from the rules:

Sponsor reserves the right to cancel the raffle if less than 31,500 tickets are sold. Sponsor further reserves the right to extend the entry period until the requisite number of tickets are sold, up to a maximum of 120 additional days. If the raffle is canceled for any reason, 99% of the ticket price will be refunded to each paid entrant.

If it does get held though, someone will be pretty happy. The raffle is being held by a charity, so that might help in keeping any admin costs down; since regulations are more lax for charities in this regard.



-nobody