Lottery for Luxury House in Belgravia
December 04, 2009 - London
A couple plan to sell their £5 million ($8 million approx) Belgravia home in a competition where potential homeowners can buy tickets for just £50.
The winner has to guess the correct auction value of the house, which has been calculated by averaging valuations by three local estate agents.
"If no one gets it spot on, it will be the closest entry. It's a game of skill, rather than chance." says Neil Marshall of the Imagine Corporation, who is managing the competition
The property, which is being given away in this unusual lottery draw, has five bedrooms and even a staff flat. It is located in Belgravia, one of the most exclusive areas in London.
This latest 'house lottery' for the luxury Belgravia home meets all requirements of the Gaming Commission and if the target amount of tickets isn't reached, the winner will received 60% of the prize fund, meaning that somebody could still walk away with over £1.5 million.
Property competitions have become popular since the economic crisis with homeowners who are failing to sell in the traditional way.
In March 2009, Stephen Lakey, a 37-year-old IT manager won a £400,000 London flat by purchasing two £50 tickets.
Belgravia, Lottery, Luxury House, Wilton Street