Grand designs "eco house" won't sell, so they're having a lottery.

Murtle

tomstickland wrote: »

If you enter the answer to the question (Denman) you can access the Terms and Conditions.
http://www.winthecheltenhamhouse.com/terms.aspx



46,0000 tickets at £25 each is £1.15 million
10% goes to charidee, ie: £115,000
Valuation is £895,000

That leaves 140,000
Stamp duty at 4% of £895,000 is £35,800
That leaves £104,200.


Paypal fees are around 1.4% and 20p, making an effective rate of 1.408%.
On £1.15 million that's £16K

That leaves £88K to pay for the marketing and other things.

It says it's also to pay for the furnishings - it lists them out....not sure of the actual value of them....

dannyboycey

The amount of people signing up to this is staggering. A fool and his money.....



Note to self: Must add 'Set up a web competition' to my to do list.

skap7309

dannyboycey wrote: »

The amount of people signing up to this is staggering. A fool and his money.....

Why.......? No one mentions the millions of people who play the lottery, gamble on horses or football, buy shares........(which is effectivly gambling) so why is this any different?

skap7309

RabbitMad wrote: »

I agree with everything skap said except that this is a novel way to sell a house.

OK maybe i chose the wrong words i am aware it has been done before but my hat goes off to them for giving it a go rather than struggle to sell.

dannyboycey

skap7309 wrote: »

Why.......? No one mentions the millions of people who play the lottery, gamble on horses or football, buy shares........(which is effectivly gambling) so why is this any different?

I personally think the lottery is a waste of a pound.

Shares are different, at least they can be, if you have knowledge of the company or have some involvment or non-financial stake in it.

dannyboycey

skap7309 wrote: »

Why.......? No one mentions the millions of people who play the lottery, gamble on horses or football, buy shares........(which is effectivly gambling) so why is this any different?

Tell you what.... if you win, I'll take it all back and look really silly.

skap7309

dannyboycey wrote: »

Tell you what.... if you win, I'll take it all back and look really silly.

Haha, as mentioned earlier, i far from expect to win but i do not gamble on ANYTHING or play the lottery so had a bit of a moment :rolleyes: Worth a shot.

RabbitMad

skap7309 wrote: »

Haha, as mentioned earlier, i far from expect to win but i do not gamble on ANYTHING or play the lottery so had a bit of a moment :rolleyes: Worth a shot.

I don't gamble either but I'm going to use some of the money I've won betting* to fund this mug punt.

If you think that's a contradiction I don't class my betting as gambling as I always bet on both outcomes and therefore always win half of my bets and always end up in profit.

HelpWhereIcan

So, if I understand correctly, those who criticize the whole thing as a scam do so on the basis that the vendors will be making some money over and above the stated transfer value of the house.

Tom's quick breakdown of costs etc gives a figure of approx £88,000 'left over' to pay for 'marketing and things'.

Even assuming that the cost of marketing is minimal (which it is hardly likely to be) and the admin costs and the value of the fixtures & fittings included etc all only come to £38,000 the vendors make £50,000 more than we think they are entitled to so it is a scam.

Big deal, if they can make the money then fair enough. You have all been able to pick the scam apart because they have set the details out in writing - a fairly upfront scam if you ask me.

If I pay £25 for a ticket and win the house or a lump sum significantly in excess of the cost of my ticket, I do not care what the vendors make.

If a 1 in 46,000 chance is something you are willing to risk £25 or £25,000 on what does it matter what the vendors get out of it?

Now if you are stupid enough to spend £2500 that you cannot afford on tickets expecting to win - that is a different matter.

owner

I'm just going to buy all the tickets thus guaranteeing I'll win. then just keep hold of it for a year until prices recover and sell it for 1.5 Million. It's a no-brainer ! :beer: