Remember the million dollar house that was raffled off by We Care And Friends? Earlier this year, a Colorado woman won the house with no intention of moving to Maryland.
Now, with less than a month to go in the year, she has finally sold it for a bargain basement price of $650,000. The Baltimore Sun is reporting that this windfall turned into a nightmare for the Colorado woman who lost her job shortly after winning the home.
The insurance and utilities were nearly $800 per month, and then you need to add in homeowner’s fees and property taxes. It’s no wonder she listed it at $799,000 hoping to sell it fast. When it didn’t, she dropped it to $749,000 and finally accepted a cash offer from a Church in Severna Park (Unity By the Bay) for $450,000 (plus a $200,000 donation back to the church to offset income taxes.) Without a sale before the end of the year, her income tax bill would have been $300,000. They say no good deed goes unpunished.
The exact use of the property has not been disclosed by the Church and you can be sure that the residents of the upscale Poplar Point community will be watching this development very carefully. Poplar Point is a small community on the banks of the South River with typical homes valued anywhere from $800,000 to $5,000,000 or more. Certainly a community Church is not what they had in mind when this home was raffled. We may end up seeing some fireworks on this transaction.
For the backstory on the house, please see the ABC News article located here.