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Monday, May 16, 2022

Raffle Homes In On Big Prize

Most people would consider a 9,000-square-foot mansion in Calabasas a dream outside their reach. But Special Olympics Southern California could be turning one winner’s dream into reality during its 2014 Dream House Raffle. Just make sure you read the fine print. Tickets for the raffle, which began Jan. 6 and runs through April 25, aren’t cheap, costing $150. But the prize is big and the raffle, to be drawn May 10, carries much better odds than the state lottery. The house at 2063 Delphine Court in the Abercrombie Ranch Estates is worth an estimated $4.6 million and features a private vineyard, 360-degree views and a guest house. Additional “smaller” prizes include trips to Venice, Italy and a 2014 Fiat 500. Participants have a one in 50 chance of winning some prize. “We shop around Southern California for attractive houses in attractive places,” said Bill Shumard, chief executive of Special Olympics Southern California, which supports 15,000 athletes from San Luis Obispo to San Diego. Raffle funds will be used to finance continuing programs in the region, such as training regimens and purchases of sporting equipment. Funds will not go to the summer 2015 Special Olympics World Games that will be held in Los Angeles. Here’s the catch: the rules state that 70,000 tickets must be sold for the house to be awarded. And if the ticket minimum is not met, the Grand Prize winner will instead receive 50 percent of the net raffle proceeds. In the five-year history of the raffle, only the cash payout has been awarded. For example, last year 43, 931 tickets were sold, so the winner and Special Olympics Southern California split the proceeds, which netted each more than $1 million. Shumard said he hopes to reach the minimum ticket sales this year through print and television advertising. Additional support will be cultivated by spreading the word through an email contact list of 60,000 names. So, how did the group come to own the house? Well, it doesn’t. Currently, it holds a seven-month lease with option to buy the house. The option will only be exercised if ticket sales meet the minimum threshold to give away the house. “This is certainly a higher-end home, even by Calabasas standards,” said Kobi Costa, a real estate agent at Pinnacle Estate Properties Inc. in Encino, who is not associated with the drawing. – Rosie Downey

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