BlueRat Posted September 24, 2009 Share Posted September 24, 2009 A mansion for just £25Sep 24 2009 By Graeme Brown A MIDLAND businessman has decided to fight back against depressed property prices by launching a competition to win his £3.2 million rural house. Malcolm Cox, who owns Victorian street-lighting firm Town and Country Lighting, is selling tickets for £25 for a chance to own his country mansion at Alcester Heath, near Stratford. Mr Cox first put the house on the market in October 2007 but the collapse of the property market meant he faced slashing the fee or putting off a move. His wife Maxine came up with the idea for a competition. Mr Cox said: “We had a choice – we could either agree to drop the price drastically, not move at all, or do something different. “The house was originally on the market in October 2007 and at that point, prices started to drop. Everyone said they would spring back but they didn’t and I didn’t want to lose £500,000.†The Coxes built the six-bedroom mansion three years ago. It contains four reception rooms, a vaulted central hall, exposed oak timbering, a triple garage with living space and a building with office and workshop. The couple hope to raise £3.75 million by selling 150,000 tickets at £25 each, with the winner being decided through a spot-the-ball-style competition. The family will only sell the house if £3.75 million is raised, paying the original valuation of £3.2 million, the £130,000 stamp duty on the property, administration and legal costs and a £100,000 contribution to four charities. If the family fails to reach its target, the money raised will become the prize, after costs and charitable donations are taken out. A website has been set up and translated into Russian, Chinese, Japanese, German, French, Italian and Spanish, to open the competition up to a worldwide audience. Mr Cox said he hoped to raise money for the future of his family, including daughter Eve and son Harry, through the competition. Source: Birmingham Mail As per usual, it's all for the sake of the children and charities. It's a good job we have these magnanimous people around. Quote Link to comment Share on other sites More sharing options...
Frank Hovis Posted September 24, 2009 Share Posted September 24, 2009 These people are scum. "Costs" indeed. On a par with these people who bag themselves a fantastic free holiday under the guise of raising money for charity (trekking in the Andes, Himalayas, walking the Great Wall of China). Quote Link to comment Share on other sites More sharing options...
deflation Posted September 24, 2009 Share Posted September 24, 2009 This is a scam of the highest order. They have to sell 150,000 tickets to reach the "purchase price." No chance. Quote Link to comment Share on other sites More sharing options...
juvenal Posted September 24, 2009 Share Posted September 24, 2009 'If the family fails to reach its target, the money raised will become the prize, after costs and charitable donations are taken out.' Oh, I see. And those costs would be what percentage of the pot, Malcolm? Quote Link to comment Share on other sites More sharing options...
housespider Posted September 24, 2009 Share Posted September 24, 2009 They built it 3 years ago? How much did they spend on getting it built? Not 3.5 mil I bet!!! Greedy, greedy, greedy Quote Link to comment Share on other sites More sharing options...
Venger Posted September 24, 2009 Share Posted September 24, 2009 I thought the guy in the photo looked a bit like Chris Tarrant. Reading the Coventry Telegraph, it is him. Ah, I see Tarrant is president of one of the charities they'd donate to. TV’s Chris Tarrant, star of Who Wants To Be A Millionaire?, was on hand to help launch the scheme at the 6,300 sq ft modern manor house yesterday. http://www.coventrytelegraph.net/news/cove...92746-24746132/ The house was only built 3 years ago, whilst they roughed it out in a caravan. Quote Link to comment Share on other sites More sharing options...
51%deposit Posted September 24, 2009 Share Posted September 24, 2009 (edited) This is a scam of the highest order. They have to sell 150,000 tickets to reach the "purchase price." No chance. i just brought 149,999 tickets!!! ooh ooh I hope I win!!!! bulding a mansion these days is like having a food orgy in darkest Ethiopia for the rich and mighy. Edited September 24, 2009 by 51%deposit Quote Link to comment Share on other sites More sharing options...
Rachman Posted September 24, 2009 Share Posted September 24, 2009 the relevant T&Cs are as follows: "In the event that all the tickets are not sold, the winner will be awarded a sum representing total receipts from ticket sales with a deduction for all reasonable costs and expenses in running the competition and for the charity donations which will be calculated on a pro-rata basis. " "The competition promoters reserve the right to terminate the competition at any time and without notice if supervening circumstances make it impossible to continue. In such a situation, the full value of tickets will be refunded to entrants, subject to a reduction allowing for reasonable costs in running the competition. The promoter also reserves the right to modify or change the competition’s terms and conditions if this proves reasonably necessary for the successful operation of the competition. " [i particularly liked this one...] "No Contract Nothing in these rules shall be taken to create any form of contract or joint venture between an entrant and the promoters. " So, in short, we'll decide the terms and [when, not if] this fails we'll pocket as much as we think we can in expenses and we challenge you to take us on in court if you don't like it. [OR THEY COULD BE ON THE LEVEL, but if they bag £3M plus for a house that was never IMO worth £2M, let alone £3M, giving £100K to charities is a bit mean.] Quote Link to comment Share on other sites More sharing options...
Kurt Barlow Posted September 24, 2009 Share Posted September 24, 2009 the relevant T&Cs are as follows:"In the event that all the tickets are not sold, the winner will be awarded a sum representing total receipts from ticket sales with a deduction for all reasonable costs and expenses in running the competition and for the charity donations which will be calculated on a pro-rata basis. " "The competition promoters reserve the right to terminate the competition at any time and without notice if supervening circumstances make it impossible to continue. In such a situation, the full value of tickets will be refunded to entrants, subject to a reduction allowing for reasonable costs in running the competition. The promoter also reserves the right to modify or change the competition’s terms and conditions if this proves reasonably necessary for the successful operation of the competition. " [i particularly liked this one...] "No Contract Nothing in these rules shall be taken to create any form of contract or joint venture between an entrant and the promoters. So, in short, we'll decide the terms and [when, not if] this fails we'll pocket as much as we think we can in expenses and we challenge you to take us on in court if you don't like it. [OR THEY COULD BE ON THE LEVEL, but if they bag £3M plus for a house that was never IMO worth £2M, let alone £3M, giving £100K to charities is a bit mean.] Wouldn't surprise me if the lucky winner turns out to be a Mrs. Cox.... Well there was no exclusion on family members entering the competition Quote Link to comment Share on other sites More sharing options...
Fool's Gold Posted September 24, 2009 Share Posted September 24, 2009 (edited) What has often puzzled me about this and other similar 'win my house' competitions is that if they do sell enough tickets and the draw goes ahead and there is a winner, does that mean the house is worth £25 or whatever the cost of the ticket was ? Edited September 24, 2009 by Bill Quote Link to comment Share on other sites More sharing options...
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