BAG A MANSION FOR £2 Dad selling £2 raffle tickets to flog his £845k six-bedroom home after struggling to find a buyer

[SavingBear]

https://www.thesun.co.uk/news/3292115/dad-selling-raffle-tickets-to-flog-six-bedroom-home/

 

I'm sure other deluded fools have tried this kind of thing before.

 

[Sancho Panza]

I remember the original fishing lake auction that caused consternation on here back in  ?2008/9.

The guys only after what it's worth....give him a break lol

I presume he has a reserve in mind and the mechanism to pay back all the £2 to everyone when he doesn't make hisr eserve.

 

[Sancho Panza]

9 minutes ago, SavingBear said:

https://www.thesun.co.uk/news/3292115/dad-selling-raffle-tickets-to-flog-six-bedroom-home/

 

I'm sure other deluded fools have tried this kind of thing before.

 

'

The 37-year-old bought the house in Mellor, Lancashire in 2011 for £435,000 but it is now worth almost double'

 

Had to laugh at that bit......clearly worth almost double.

 

 

 

[Sancho Panza]

11 minutes ago, SavingBear said:

https://www.thesun.co.uk/news/3292115/dad-selling-raffle-tickets-to-flog-six-bedroom-home/

 

I'm sure other deluded fools have tried this kind of thing before.

 

It gets better.Poor bugger.£435k plus stamp and transactions then plus £150k puts him in the hole for £600,000 and he's trying to flog it for £500k

 

'“We have tried selling it and renting it but we haven’t had any success. We have had it on the market for the last two years and we have been adjusting the prices."

The sprawling six-bed home has a cinema room, ballroom, new family bathroom and kitchen and parking for six cars.

Dunstan who lives with wife Natasha, 32, and their two children Ozzy, five, and Dylan, 15, then had the brainwave of making it a raffle prize.'

[Lavalas]

Pretty much the same article from February. 

https://www.google.co.uk/amp/s/www.thesun.co.uk/news/2778905/dad-who-is-struggling-to-sell-his-650k-six-bed-mansion-is-raffling-it-off-for-2-a-pop/amp/

Is he paying for this advertising?

[17clarence]

42 minutes ago, Sancho Panza said:

It gets better.Poor bugger.£435k plus stamp and transactions then plus £150k puts him in the hole for £600,000 and he's trying to flog it for £500k

Not quite, he is much greedier than that.

He wants to flog 500k tickets, so get in £1,000,000 in ticket sales

[Crash&Carry]

You never know, this might catch on....Watch out for raffle tickets being sold by 'owners' who can't quite understand why there are no buyers for their 'it's worth 700k' slave boxes in Battersea, Fulham. Dulwich etc...! 

[OnionTerror]

1 hour ago, Lavalas said:

Pretty much the same article from February. 

https://www.google.co.uk/amp/s/www.thesun.co.uk/news/2778905/dad-who-is-struggling-to-sell-his-650k-six-bed-mansion-is-raffling-it-off-for-2-a-pop/amp/

Is he paying for this advertising?

I posted this two months ago...

Probably getting desperate as he's not sold enough tickets...

[scb]

This was on here a while back. The picture suggest the house is a lot bigger than it really is, you're only getting the painted part. 

[Toast]

I think I recall two other instances of people raffling their houses, one each from before the last two peaks. The case that sticks in my mind (and I'm straining the old noodle quite a lot, as this was a while ago), was from the late eighties, at the height of the housing mania. I have a recollection, probably from "South Today" of a lovely white-painted (perhaps mock-half-timbered?) country house, somewhere in the middle of nowhere (maybe near the coast, I think), and the couple were raffling it off for (the very doubtfully remembered figure of) 45k, and selling 5 quid tickets.

I believe they had to be very precise about printing only the advertised number of tickets (in this case that would be 9000), and there was a shot of them all stacked up neatly, like fivers from a bank heist.

They did end up selling essentially all of them, and there was a winner, but I have a recollection of the two of them saying "never again": it was far more trouble than it was worth. I'm guessing things would be administratively easier with an on-line competition these days, but still, selling 500 000 two-pounds-a-pop tickets has to be a full-time marketing job?

If anyone has better google-fu than I, and can locate that '80's story, I'd be really interested to see how my mind has malfunctioned and been brought down by bit-errors over the years.

[ThePiltdownMan]

Quote

We spent about 12 months renovating it as it had fallen into disrepair

 

It didn't looks to be in such a bad state of repair back in 2009 

https://www.google.co.uk/maps/@54.1353404,-2.6151311,3a,75y,335.77h,81.85t/data=!3m6!1e1!3m4!1sop3Ney11M_37vXSTlnRpVA!2e0!7i13312!8i6656!6m1!1e1

[juvenal]

The small print of T&C of this type of raffle usually include an 'administration charge'. 

As doahh posted here on Feb 3rd...

If the Maximum Number of Entries to the Competition is not equal to the number of entries received as at the closing date, the Competition will close and the proceeds will either be deemed sufficient to award the house as a prize at the discretion of the promotors, or the remaining funds will be allocated as a cash prize to a winner after the deduction of any expenses and marketing fees.

...

The Promoters will be entitled to retain 20% of the Entry Fees to cover administration and marketing expenditure. The remaining balance following deduction of the 20% is “the Prize Fund”. The Prize Fund will then be distributed to the winning Entrant;

...

[Sancho Panza]

4 hours ago, 17clarence said:

Not quite, he is much greedier than that.

He wants to flog 500k tickets, so get in £1,000,000 in ticket sales

'After receiving no offers, he is now selling £500,000 worth of raffle tickets - and the £2 fee will cover all stamp duty and legal costs. '

From the article.

27 minutes ago, juvenal said:

The small print of T&C of this type of raffle usually include an 'administration charge'. 

As doahh posted here on Feb 3rd...

If the Maximum Number of Entries to the Competition is not equal to the number of entries received as at the closing date, the Competition will close and the proceeds will either be deemed sufficient to award the house as a prize at the discretion of the promotors, or the remaining funds will be allocated as a cash prize to a winner after the deduction of any expenses and marketing fees.

...

The Promoters will be entitled to retain 20% of the Entry Fees to cover administration and marketing expenditure. The remaining balance following deduction of the 20% is “the Prize Fund”. The Prize Fund will then be distributed to the winning Entrant;

...

Follow the money.

[BorrowToLeech]

Doesn't running a commercial lottery require some sort of licence?

[17clarence]

The journalism is very poor.

All from the article:

Dunstan Low is hoping to sell half a million tickets to raise the equivalent asking price for his £845,000 six-bed Melling Manor in Lancashire.

After receiving no offers, he is now selling £500,000 worth of raffle tickets 

The closing date for the raffle is August 1 but Dunstan has already raised £1,500 

Dunstan has sold 186,000 tickets so far including punters from Australia, Italy and America.

He said: “I’m hopeful we will reach 500,000 but there’s a lot of work to be done. 

[dgul]

3 hours ago, DrBuyToLeech said:

Doesn't running a commercial lottery require some sort of licence?

Ah, but it isn't a lottery -- it is a game of skill.

Quote

What style of property is this house :

A - Victorian
B - Tudor
C - Georgian

(it is Georgian, just in case there is any confusion).

Anyway, I'm glad to be reminded about this because I was thinking of entering.  The odds are pretty good -- 65p for a 1-in-500,000ish chance to get £500,000 or so.  So long as there aren't more than about 250,000 postal entries it is still a fair probability.  I think I'll send in a couple of entries...

[dgj]

Who the hell would trust this guy to be honest and choose the winner at random rather than some long lost friend he knows who is doing a deal with him!

The mainstream newspapers have an agenda to make people think that their property is worth more and more than what they paid, the sheep then get confused when nobody bites.

It is worth more than double what he paid for it in his fairytale world where there is also a sold sign on his house.

[dgj]

Maybe he should also buy a ferrari give it away and add it onto the house price just to make it worth it, the thing is all this exposure in the media is bound to get him a higher price than he would have got before.

[Sledgehead]

On 4/10/2017 at 0:51 AM, dgul said:

Ah, but it isn't a lottery -- it is a game of skill.

(it is Georgian, just in case there is any confusion).

Anyway, I'm glad to be reminded about this because I was thinking of entering.  The odds are pretty good -- 65p for a 1-in-500,000ish chance to get £500,000 or so.  So long as there aren't more than about 250,000 postal entries it is still a fair probability.  I think I'll send in a couple of entries...

my @rse.

bet it's illegal.

[Agentimmo]

I remember these raffles were popular after the 2007 crash. A few Brits in France tried flogging there properties this way. Were deemed illegal and monies had to be returned.  

It's a good sign that the crash is on.....

 

[spacedin]

He's almost raised 500k already. I wonder what the odds will be of winning when he closes the draw in August as I can't see anything about a cap on the number of entries, just a target. 

[dgul]

5 hours ago, spacedin said:

He's almost raised 500k already. I wonder what the odds will be of winning when he closes the draw in August as I can't see anything about a cap on the number of entries, just a target. 

The competition ends when they've sold 500,000 tickets at £2.    This is stated explicitly in the small-print.

If they don't sell enough by the closing date then they'll just raffle the cash (after taking their cut).

However, they do have a line in the small-print that says that they can extend the competition for up to 6 months for any reason.  It is implied that this is to get a few more sales if they're close to the 500k target, but there is nothing that says they can't use this to sell more tickets (over the 500k).

Note that the raffle closes after selling 500,000 entries -- this won't be the actual number of entries as it doesn't include free entries.

[spacedin]

6 hours ago, dgul said:

 

[spacedin]

6 hours ago, dgul said:

The competition ends when they've sold 500,000 tickets at £2.    This is stated explicitly in the small-print.

If they don't sell enough by the closing date then they'll just raffle the cash (after taking their cut).

However, they do have a line in the small-print that says that they can extend the competition for up to 6 months for any reason.  It is implied that this is to get a few more sales if they're close to the 500k target, but there is nothing that says they can't use this to sell more tickets (over the 500k).

Note that the raffle closes after selling 500,000 entries -- this won't be the actual number of entries as it doesn't include free entries.

Nevermind. Apologies I haven't been myself lately, my mind isn't working properly. 

[dgul]

34 minutes ago, spacedin said:

Nevermind. Apologies I haven't been myself lately, my mind isn't working properly. 

I'm not sure what you wrote, but I'm very suspicious of the whole thing.  I've yet to send off my 65p entry, but probably will -- but I'm not convinced that my 'free' entry will stand in the same pool as the paid entries (it'll be conveniently 'not delivered'), or even that if I paid for an entry that it will actually stand a fair chance of winning.  

The only certainty in this is that the 'vendors' are going to have a bundle of cash, either because they've flogged a £450k house for £1m, or because they've not sold it and taken a decent wedge of the prize fund before it is distributed to the winner.

Nevertheless, the idea of winning the 1/3rd mansion with a free entry is entertaining enough to support the effort in sending in a card.