2007 Ferrari F430 Raffle.....10 Bucks!

Came across this today...hopefully not a repost. Anyone know it this is legit? I'm going to call em tomorrow.....figure it's worth 10 bucks...but i'm a gambling man...might buy 10 or 20..... http://www.floridaluxuryauctions.com/

 

You get my vote for the "Most Compelling Thread Title for a Ferrari Forum."

 

taken from the website: "In addition to a v6 Engine"

 

Your $10 has a chance of not making it to the Ferrari if not enough people decide to play...


Florida Luxury Auctions (The Mission of St. Francis) presents the drawing for a 2007 Ferrari F430 Spider. The drawing is scheduled to be held on or before September 10, 2011. Ticket sales end on August 31, 2011. In the event that at least 60,000 tickets are not sold for this drawing by the drawing date the winner will receive a Grand Prize equal to 50% of the net drawing proceeds and the balance will go to the charity.

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So, 50% of $X and the W9 they send takes what % of that?

 

So they want to raise at least $600,000 before deciding to "give away' a used F430 not worth anything near that amount? Wow. I'd stay away.

 

"The winning ticket will be drawn by someone selected by The Mission of St Francis."

 

This

 

http://www.playmateraffle.com/ Link from that page for same auction, something is def funny about the whole thing.

 

Wonder what the taxable value is that they are assigning to this car.

 

It should be market value ...

 

So if they sell $599K in tickets or less - rather then the car - you get half the value of the tickets.

You could pay taxes on the cash and then buy a 430 and own it.
Or if you win the 430, you could easily have to sell it to pay the taxes.

 

anybody figure out if this is real or a scam yet?

 

A five minute google shows their track record is poor: see ...

http://therealdeal.com/newyork/articles/fort-lauderdale-florida-house-raffle-plan-fizzles-despite-help-from-former-nba-star-dennis-rodman

A drug and alcohol rehab center using Dennis Rodman as its spokesperson?

Run!

 

That still seems like a pretty good deal for St. Francis. If they sold 63-65K tickets at $30 each and are only going to give away $400K that means there is about $1.5mil in proceeds that someone is scooping up. So they really expected to raise $9mil in order to give away a house that was worth $2.5mil in 2005?????

Something sure seems fishy if you ask me.

 

thanks,,anything that seems to good to be true ,usually is

 

seriously what a freaking scam. I understand they need to make money for hosting the auction but that kind of profitability is ludicrous.

 

In Australia, by law you are only allowed to make double your money back in raffles like this.

Say a 430 is worth $300K. You are only allowed to make $600K total in ticket sales. 100% profit.

That goes for anything. From a $10K cash prize to a $2M "prize home".