RISMEDIA, August 25, 2009-How does one beat the most depressed real estate market in recent history and donate $500,000 to charity?-Brad Bradley of Jackson Hole, Wyoming decided he could do both by simply raffling off his $735,000 home. The Jackson Hole, WY resident is selling raffle tickets for $100 in an effort to break even on his mortgage and donate all additional proceeds to charity.
At $100 a ticket, a maximum of 15,000 tickets will be sold for a chance to win Bradley’s recently remodeled 3-bedroom, 1,300 sq. ft. house in the resort community of Jackson Hole, WY. As part of Bradley’s plan, the raffle will pay all federal income taxes and closing costs for the new owner, an added value of $200,000. Homeowner Brad Bradley commented, “I wanted the raffle to come out as a net positive for everyone involved in the equation. Winning a house for $100 and later being slapped with $200,000 in taxes and closing fees just didn’t seem fair.”
Faced with a dismal real estate environment (locally, the number of total sales down 79% compared to 2008), Bradley’s raffle presents an innovative solution to selling a home in a depressed market. By limiting the total number of tickets sold to 15,000, paying the federal income tax and donating all proceeds (approximately $500,000) to charity, Bradley believes his plan will allow him to break even and do some good for the community. “With the median home price in Jackson Hole at $1,345,000, $100 and a 1:15,000 odds of winning a home is pretty solid,” Bradley noted.
For more information, visit http://howtorafflemyhouse.com/.