InvestingGold Coast property raffles hitting the big time during slump: Quote of the weekGold Coast property raffles hitting the big time during slump: Quote of the week
– RSL chief executive Chris McHugh, who notes the Gold Coast prestige property slump meant the charity had been able to get near beachfront bargains to then raffle off in fundraisers.
The latest offering from the RSL Art Union is a four-storey house with four bedrooms, a study, four-car garaging and a lift for all levels. It sold at $5 million in boomtime 2006 – and the RSL Art Union has valued the house at $3.4 million.
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But the RSL Art Union only paid $2.2 million for the Broadbeach property two weeks after its Ray White auction last January.
The RSL Art Union is licensed to sell 1.9 million tickets at $5 before the March 14 raffle draw, potentially recouping $8.5 million if all tickets were sold. Tickets are on sale at its open for inspections.
The raffling of the Broadbeach Boulevarde mansion that sits within the Vogue compound built by Mark Howard's Howard Group in 2003 beats the record for the most expensive prize home set last month.
It was a Gold Coast oceanfront penthouse valued at $3 million raffled by Boystown.
Some 80% of the art union prize winners sold their homes immediately.
