Devonshire homeowner raffles off £1m estate

A Devonshire homeowner is raffling off his estate in order to beat the credit crunch and plunging property prices. 46,000 tickets are on sale at £25 each for a chance to win Oldborough Retreat.

Brian Wilshaw is auctioning off his 11.5 acre estate, which comprises a five-bedroom house, four two-bedroom holiday lodges, 9.5 acres of woodland and a two-acre fishing lake, reports The Daily Mail.

Oldborough Retreat, near Crediton in Devon, is a former holiday complex, but Wilshaw is hoping to retire and has chosen to raffle off his property, as the credit crunch means the property market is stagnating.

Wilshaw said of his "dream house": "We put the house on the market last year but it was already becoming obvious that the market was slowing down. We've had this idea for a number of years now.

"It's well worth £25 a ticket. At 46,000-to-one, our odds are a lot better than winning the lottery." He added that Oldborough Retreat was "truly a paradise" and that he couldn't wait to see the face of the lucky winner.

The draw closes in December and the property has been valued at £1m. Selling 46,000 tickets would raise £1,150,000. If not all the tickets are sold, the winner will receive the money raised instead. Entrants must answer a related question and upon answering correctly can purchase a ticket through winadevonpropertywithfishing.co.uk.

Estate agent Debbie Coding said: "This is a really good idea...With the credit crunch in full swing a lot of people are having trouble selling their properties."

This story was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.
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