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We had seen a bus ad for some weird house raffle a few weeks ago and were quite puzzled. Then we promptly forgot about it. Since then, news outlets have confirmed it's legit. For $150 or more, you can help support Yerba Buena Center for the Arts, while entering to win a $2.4 million house in the Sunset, or $1.8 million in cash (in case you want to avoid paying out of your pocket for those crazy taxes on the house). There is no limit on entries, until they reach their 37,000 ticket maximum.
The 4,200 square foot home has a guest cottage, chef's kitchen, four bedrooms, four and a half baths, a four-car garage, and hardwood mahogany and marble floors. How swank!
The first early bird drawing deadline is this coming Friday, April 3, and the actual drawing is April 16. There will be two more subsequent early bird drawings, and then the grand prize drawing, all of which have various cash prizes. An Early Bird Drawing 1 ticket makes you eligible for all drawings. Check out their FAQ to learn more about the process.
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42,000 square feet? That's some house for $2.4M.
Woops, thanks for the heads-up!
Located at 5th & Hugo if anyone cares...
Google Street View
The winner would have to be insane to not take the cash. Don't you end up owing for taxes about half the value of stuff you win in raffles, game shows, etc.? Can you take out a mortgage on a raffle prize in order to pay the taxes on the prize?
Yes, you would have to pay tax on the value of any prize; in this case on $2.4M which would be around $800,000.
Would a bank give you a mortgage for this, I'd assume since you have the asset to back it. But then you have property taxes of $26000 a year.
You would also be living in the Sunset.
Raffling your house is no easy task. I have 10 houses to raffle here in Spain and there were certainly lots of headaches. I've had to restructure the raffle due to these issues, and now through a loophole I sell tickets in the form of a redeemable voucher at my boutique hotel (everyone wins!)
It's great that houses in the US require partnerships with charities, helps the world in a great way. I don't have to use a charity due to the loophole I fall under but I insist on donating to Nothing but Nets, a UN initiative to supply mosquito nets to third world countries and prevent malaria. If you're interested see my house raffle
We are so in already. My roommates and I all chipped in with a few others and bought two tickets to take advantage of the multiticket drawing. hmmm we would prob have to sell the car if we won it. But were looking for the BIG PAY OUT.
Good Luck Everyone!
I hope that this raffle is a tremendous success! For anyone interested, there is now a book about home raffles titled, "The Home Raffle Book" and is located at www.thehomerafflebook.com. It's a must read for anyone conducting or participating in a home raffle and includes a sample business plan. Home raffles just may be one solution to the declining housing markets. Hats off to all those who successfully conduct them!
Is anyone else still following this? The deadline is friday, so I'm stoked...like others here, I got my tix back in april.
Thanks for the reminder! I had meant to do a post about the deadline this week.