Spaniard tries to raffle off his flat to pay mortgage

28th May 2008, Comments 0 comments

The unemployed man is selling 64,000 raffle tickets priced EUR 5 each on the internet and the winner will get to take over his flat.

28 May 2008

MADRID - An unemployed Spaniard is trying to raffle off his flat over the internet because he is unable to pay his mortgage, news reports said Wednesday.

The former real estate agent Manuel Marina is selling 64,000 raffle tickets for the price of EUR 5 each, promising that the winner will get the flat of 73 square metres, worth EUR 320,000, in Ciempozuelos near Madrid.

If Marina sold all the tickets, he would earn more than needed to pay off his debts, but the man has only sold 1,800 tickets so far.

It was not clear whether Marina intended to raffle off the flat even if all the tickets were not sold, and whether he would reimburse buyers of tickets if the raffle did not take place.

"It is the first time that we see a case like this, and we need to study if this is legal," the daily El Pais quoted a spokesman for the Madrid economic authorities as saying.

Many Spaniards have problems paying their mortgages, which have gone up amidst an economic slowdown and a meltdown of the housing market.

[dpa / Expatica]

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