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Austrian lottery raffles SA property and other assets with good odds

10 July 2015 9:00 AM
Lottery 001 raffles villas, cars, boats - you name it. An Austrian associate at the firm that oversees property lottery explains.

The prizes for the Austrian lottery Lottery 001 are often property, vehicles and other assets from across the world.

The lottery recently raffled a South African luxury villa at Val de Vie estate in Somerset West.

Val de Vie Polo House. Image credit: Val de Vie estate.

Lottery 001 offers very good odds – 1 in 9999, all for a €119 ticket (approximately R1 644) and some property owners choose this method to sell their homes; organised through a lawyer in Austria.

Michael Unzeitig, associate at Dr Christa Kohl-Rupp & Trusty, the legal firm overseeing Lottery 001 in Austria, spoke to us about how this process works and what a property lottery is all about.

It’s legal in Austria. We've had a couple of lotteries and have raffled off two assets in South Africa already and it worked quite well.

Michael Unzeitig, associate at Dr Christa Kohl-Rupp & Trusty

The property owner approaches us and we need a certified real estate agent and the value of the property.

Michael Unzeitig, associate at Dr Christa Kohl-Rupp & Trusty

We add on a 12% fee to that value and this amounts to the sum of tickets at the rate which is less than €119.

Michael Unzeitig, associate at Dr Christa Kohl-Rupp & Trusty

The drawing is public and there is a live stream of the event.

Michael Unzeitig, associate at Dr Christa Kohl-Rupp & Trusty

We work together with a law firm in South Africa who then oversees the property transfer, the land registry and all the necessary documents.

Michael Unzeitig, associate at Dr Christa Kohl-Rupp & Trusty

To learn more, visit the Lottery 001 website.

Listen to the full conversation from CapeTalk’s Breakfast with Kineo Kammies:


This article first appeared on 702 : Austrian lottery raffles SA property and other assets with good odds


10 July 2015 9:00 AM