- Previously shut down by Greenwich council, London homeowner Renu Qadri’s controversial raffle of her expensive home has been reinstated
- The successful sale of her home would now bring her around $3.7 million, down from $4.9 million the first time round
In May of this year, it was reported that one London woman’s raffle of her £$1.62 million home – purchased in 2014, as part of a government-backed home buying scheme for only $466,800, failed to make it past local laws.
The raffle was shut down under gambling legislation.
But news comes that the raffle is back on, and that if the sale goes through, the Greenwich-based homeowner, Renu Qadri, will receive around $3.7 million in ticket money – more than double the home’s worth.
Last month, Qadri was reported to have marketed her property on a site called Homeraffler.com, on which she advertised the home and gave details of its location and setup.
While the house appeared on Rightmove.com, Qadri advertised on the website that she intended to sell 750,000 tickets, each worth £5 ($6.48), to raffle off her pricey home.
Gains and losses
If the house and all its furnishings sold, Qadri would have trousered around $4.9 million.
“After buying our home in 2014 we are now struggling to pay the mortgage due to disability, and have tried but failed to sell the property through traditional routes and we would like to avoid repossession,” Qadri has written on the raffle website.
She also stated: “After talking to many estate agents and quick buy companies, we believe it is in our best interest to take the sale of our property into our own hands, whilst offering someone else the opportunity to own and enjoy the property as their own.”
But Greenwich council had other ideas. The dangers associated with posting “DIY raffles” online, as well as the possibility of breaching gambling laws enforced by the United Kingdom’s Gambling Commission, led to the removal of the potentially illegal house raffle from the web.
Up and running again
Following her initial setback, Qadri is now been reported to have contacted several news outlets, including Estate Agent Today, to alert them to the fact that the raffle is back on.
She has said: “After complying with the 2005 Gambling Act – mistakes were made which have been rectified.” She has now reduced the amount of tickets she wants to sell to 575,000, meaning that the total revenue would sit at $3.7 million, instead of almost $5 million.
She has noted on her website that around $32,000 would be donated to the Psoriasis Association, with a further donation of the same amount going to Wateraid.
This will be Qadri’s way of saying thank you to all those who bought raffle tickets – although she still stands to gain significantly more for the house than if sold on the open market.
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