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Winner of Raffled Mansion Sells to Church

  • December 8th 2009

by Mark Wellborn

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Winner of Raffled Mansion Sells to Church: Figure 1

Back in January, we wrote about a 6,000 square-foot property in Edgewater, Maryland that was being raffled off by the owner who had grown tired of it sitting on the market without so much as an offer. After 24,000 tickets were sold at $50 a piece, a Colorado woman named Karen McHale was announced as the winner. Soon after winning, McHale said that she planned to put the house on the auction block.

It appears that the auction route did not garner that much interest either.

The Washington Post is reporting that McHale finally sold the house to a local church last month, however the sales price did not come close to its appraised value of $1.2 million:

McHale finally sealed a $650,000 deal in November with Unity By the Bay, a church that has outgrown its modest quarters in a Severna Park strip mall. The church paid $450,000 in cash, McHale said, and she made a tax-deductible contribution of the additional $200,000 to stem the flow of her winnings to the IRS.

While that final sales price would certainly be a disappointment to some, McHale’s return on her investment was fairly staggering: She paid just $100 for two raffle tickets.

See other articles related to: editors choice, home raffle, the washington post

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/winner_of_raffled_mansion_sells_to_church/1582.

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