What do you do when you’ve decided to sell a huge, historic, or expensive property in a small town, but no one can afford it? One trend that’s gaining popularity is to run an essay contest with an entry fee that will cover your costs. The essay part makes the scheme a competition of skill instead of an out-and-out lottery, which is illegal in some places, and they also ensure that the winner is someone who will likely continue the business (though that’s never a sure thing). Generally, the contests stipulate the minimum number of entries required, which would add up to at least the value of the property; if the minimum isn't reached, then the entry fees are refunded.
The upside to these contests is that the property goes to an individual who might not otherwise be able to own such a property or start a small business, and the seller reaps the value of the property without having to sell to deep-pocket corporations. However, it doesn’t always turn out that way. Read about seven such contests in an article I wrote for mental_floss.
The upside to these contests is that the property goes to an individual who might not otherwise be able to own such a property or start a small business, and the seller reaps the value of the property without having to sell to deep-pocket corporations. However, it doesn’t always turn out that way. Read about seven such contests in an article I wrote for mental_floss.
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