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Dude wins Micronesian resort after purchasing $49 raffle ticket
Posted on 7/28/16 at 10:39 am
Posted on 7/28/16 at 10:39 am
LINK
pics
quote:
Joshua will take ownership of a resort, which is debt-free, profitable and has more than 20 years left on its lease. Doug and Sally Beitz, who built the resort in 1994, have lived in Micronesia for more than two decades but said they felt it was time to return to Australia. They were going to sell the property in the traditional way until one of their sons came up with the idea of the raffle. “We will do financially well out of it,” Beitz said ahead of the draw, for which tens of thousands of tickets were sold around the world. If nothing else, it afforded some people an opportunity to dream of life on a tropical paradise.
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Posted on 7/28/16 at 10:45 am to meauxjeaux2
quote:
has more than 20 years left on its lease
so dude will be paying out the arse on a lease
Posted on 7/28/16 at 10:47 am to meauxjeaux2
Hope he has competent management
Posted on 7/28/16 at 10:47 am to HailToTheChiz
quote:I'm sure it's profitable.
so dude will be paying out the arse on a lease
If I were the dude I'd sell immediately to the highest bidder, just keeping a stipulation about lifetime free vacations for myself.
Posted on 7/28/16 at 10:50 am to shel311
quote:
I'm sure it's profitable.
quote:
Joshua will take ownership of a resort, which is debt-free, profitable and has more than 20 years left on its lease.
Posted on 7/28/16 at 10:52 am to meauxjeaux2
Well ain't that some shite.
Posted on 7/28/16 at 11:05 am to meauxjeaux2
lucky bastard
Posted on 7/28/16 at 11:30 am to HailToTheChiz
quote:
so dude will be paying out the arse on a lease
Reading comprehension is not your strong suit.
Posted on 7/28/16 at 11:37 am to meauxjeaux2
Rooms rent for $140-155/ night, it says he was winning ticket 44,980 so I wonder how many they sold? If they sold 50,000 that's $2,205,000. Heck that may be more than the resort is worth? I gotta figure they thought they may be able to get more by selling it this way.
Just because the resort is profitable does not mean its a great gig. Profitable could be a as an owner managed business, so if he has to hire a manager then it may not be profitable or not much.
Just because the resort is profitable does not mean its a great gig. Profitable could be a as an owner managed business, so if he has to hire a manager then it may not be profitable or not much.
Posted on 7/28/16 at 11:39 am to meauxjeaux2
OT Baller origin story: Joshua
Posted on 7/28/16 at 11:39 am to baldona
quote:
Just because the resort is profitable does not mean its NOT a great BIG HASSLE
This post was edited on 7/28/16 at 11:40 am
Posted on 7/28/16 at 11:42 am to meauxjeaux2
2 resorts in 2 days. Not bad.
Posted on 7/28/16 at 11:43 am to BobLeeDagger
quote:
Reading comprehension is not your strong suit.
I read that there was a 20 year lease he was about to inherit.
I also read he won a resort for $49.
Then I read that the owners were happy to get out of it, even though the resort was profitable.
Yeah.
Call me skeptical.
Posted on 7/28/16 at 11:44 am to meauxjeaux2
I don't know much about Micronesia, but I recently heard someone is trying to kill their prime minister.
Posted on 7/28/16 at 11:46 am to meauxjeaux2
I think Joshua should raffle the resort off for $50 dollars a ticket and show those has-beens how it's done in America
This post was edited on 7/28/16 at 11:48 am
Posted on 7/28/16 at 11:50 am to HailToTheChiz
quote:
dude will be paying out the arse on a lease
Did you miss the part where it says "profitable" and no other debt.
I'm sure they will turn around and sell it.
Posted on 7/28/16 at 12:43 pm to meauxjeaux2
How do you hear about stuff like this? Might've wanted to buy a ticket.
Posted on 7/28/16 at 1:32 pm to beantown
quote:i saw a few days too late myself
How do you hear about stuff like this? Might've wanted to buy a ticket.
Posted on 7/28/16 at 1:39 pm to HailToTheChiz
quote:
so dude will be paying out the arse on a lease
Not how things work in that area of the world. In some countries, there is essentially no private property. The government "owns" it all, but you can purchase a 99 year lease. They are renewable and transferrable.
Posted on 7/28/16 at 1:42 pm to baldona
quote:
Rooms rent for $140-155/ night, it says he was winning ticket 44,980 so I wonder how many they sold? If they sold 50,000 that's $2,205,000. Heck that may be more than the resort is worth? I gotta figure they thought they may be able to get more by selling it this way.
This has become more common lately. There are several Bed and Breakfasts in New England that allowed you to write an essay about why you want to run a bed and breakfast. Entry fee was between $100 and $500. The winning essay got the property free and clear. Of course, they made more running that "contest" than they would selling it on the open market.
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