Get This $4.3 Million Home for Under $200
Drawing set for the end of October
By LORI PREUITT and OLSEN EBRIGHT
Updated 3:35 PM EDT, Fri, Aug 21, 2009
Looking for that dream California vacation house? Now, you can get a $4.3 million mansion in the Bay Area for just $175. And a little bit of luck.
An Oakland non-profit group is raffling off a 9,000-square-foot dream house in Oakland Hills. The description reads like a realtor's dream: views of five bridges, seven bedrooms and seven full baths, interior and exterior waterfalls, a home theater, a fitness room and more.
Raffle tickets are $175 a piece. However, until Aug. 23, hopeful homeowners can get in on the early bird special and buy two tickets for $175.
The Neighorhood House of North Richmond is holding the raffle, and proceeds benefit a number of community-based programs, including a senior center, youth violence prevention and youth mentoring projects, residential drug and alcohol treatment.
You don't need to live in California to buy tickets -- you can buy them by phone or fax. Plus, the winner can choose to take $2 million instead of the mansion -- perfect for avoiding pesky property taxes.
The odds of waking up in your own mansion are long. A maximum of 110,000 raffle tickets will be sold before the Oct. 26 drawing.
OK, but there is a catch. Let's not call it a catch. Let's politely refer to it as an asterisk.
According to the raffle's rules:
A minimum of 49,500 raffle tickets must be sold by the deadline or extended deadline specified in these Rules in order for the grand prize winner to have the choice of the home or the $2 million cash prize. If fewer than 49,500 raffle tickets are sold by the deadline or extended deadline specified in these Rules, then the raffle will be held and all other prizes will be awarded but the grand prize will not be the home or the $2 million cash prize. Instead, the grand prize winner will be awarded a cash prize computed as 50% of net raffle proceeds.
So you can still score a big payday, but if the raffle doesn't hit the quota, the big daddy prize is off the block.
First Published: Aug 21, 2009 10:18 AM EDT
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