USVI-On-Line

We have stayed at this Villa twice. Once with a group of 9 and another time with a group of 12. It's in Mahogany run and a beautiful villa.

The view is to die for, set high up on a cliff.

I thought some people may want to check it out.

I had inquired about renting it again and the owner wrote back to me about the raffle.

Interesting idea.

http://www.vipropertyraffle.com/

This is interesting Connie - but is it legal/legally binding? Is this somehow third party verified or are they doing it themselves? Does is say anywhere how many tickets they are selling? There are an awful lot of laws governing these type of things in the US.

Anthony, I have no idea. I did read the terms and conditions. It didn't say how many had be sold, but it did say that money would be returned if enough tickets weren't sold.

The guy who owns it is definetly a smart guy, so I would think he would have covered his bases.

I think it's legit, especially if ReMax is putting their stamp on it. The local Big Brother Chapter and a Private Catholic School in our area raffle off a "Dream Home" in our area every year built by various contractors as a fundraiser. More than likely if all the raffle tickets sell, the sellers will end up making more on the property than if they had just listed it outright.

Also saw a feature on the news and the Travel Channel last year where a family had to sell the home due to financial reasons and they raffled off their home the same way. Can't remember what state it was, New Hampshire or something I think.

Connie wrote:The guy who owns it is definetly a smart guy, so I would think he would have covered his bases.

Bernie Madeoff and the Enron guys were also considered to be the smartest men in the room.

I hope this can be verified by a trusted 3rd party before too many tickets are sold. I would like to see this be successful for everyone involved.

JIM

I had to fix a typo.

Yankee Magazine used to do home raffles like this. They'd do a photo profile of the property--usually a bed and breakfast, or inn, or secluded farmhouse, and then readers would submit an entry fee--I think it was $100. I don't know if it's still a feature of the magazine or not.

One thing I saw that looked weird is that the rules state that the winner will be notified within seven days of the drawing date. Then later, it says that the winner has ten days from the date of the drawing to claim the prize, or the prize is forfeit to ReMax to donate to charity. So, under those rules, someone might only get three days to claim it. What if you were traveling or somehow indisposed? Maybe I am reading the rules wrong...

It looks like a beautiful house though!

From the rules, it says the odds are 1 in 25,000. I think that means there will be 25000 tickets sold.

C Urchin

Actually, even though there ARE odds...it's better then playing the lottery.

I'm doing it and if I win, I'll have a party and everybody is invited )

Connie wrote:Actually, even though there ARE odds...it's better then playing the lottery.

I'm doing it and if I win, I'll have a party and everybody is invited )

Count me in ( to come and visit that is)CUrchin is a lawyer see if she can look it up if its leagle or not!
I am just wondering how much the taxes and ect...are that you have to pay up front

I was about to buy a ticket but thought about the taxes as well. The value the house at 2 million.

I was wondering if you saw that Connie! Good Luck if you buy one!

P.S. I had no idea that place was that nice. I thought I looked at their website last year!

I sincerely doubt the drawing will ever reach fruition - I've seen a STJ business [Mixology] try it , and even after extending the deadline for months it never came to be - A guest house in STT [Danish Chalet] tried the same plan with an essay involved and it too never happened.
It would be nice to have the use of a Million or 2 for a few months - and I wonder how many of the checks they write returning the money never get cashed or are returned for address reasons.
The tax liability is not just property tax - it is earned taxable income just like gambling. If the new tax laws change enough by then you could be liable for 90% of this 2 Million dollar windfall in income tax. As it is now it would only be 36%!!

lovethecape wrote:I was about to buy a ticket but thought about the taxes as well. The value the house at 2 million.

So you take a 2nd out on the house and pay the taxes!

I contacted the owner of the Villa. Maybe he'll come on here and answer some questions.

Exit, you bummed me out )