A Brilliant way to beat the housing slump?

Question

http://www.winadevonpropertywithfishing.co.uk/index.php

this couple are selling raffle tickets at £25 a pop to win their million£ home in devon (complete with lake, two lodges, and 11.5 acres of land) because they're losing £12000 a month in valuation because of the crunch.

if they sell all 46000 tickets they'll make a tasty £1.15 million (2.3 million U.S. dollars according to google convert) which is over the £900,000 valuation they got for it!

well i've entered it - you get better odds than if you play the lottery

Would you do the same?

especially if you also had a high value home?

recently a (very rich) friend of mine lost nearly £2 million in the value of his home in scotland, i may suggest this to him

Answer 1

it sounds good in theory.

I don't know much about this kind of thing but where would the winners of the raffle stand on stamp duty taxes? Will they have a really big pay out before they own it?

Answer 2

Whomever wins the home will find themselves under water in short order due to the property taxes and upkeep.

Answer 3

sounds like a good idea

Answer 4

Well how would you be able to afford the upkeep of it if they can't?

If they are losing that much - so would you I guess!