June 29, 2016
RealEstate.com.au: Family raffle off their resort island home

RealEstate.com.au: Family raffle off their resort island home

How much would you pay for a slice of paradise? Australians Doug and Sally Beitz are raffling off their tropical island resort in Kosrae, Micronesia at $US49 a ticket.

Kosrae is a small island in Micronesia that is home to around 6,600 residents and has its own airport.

The Beitz’s island property is made up of several buildings and includes the operational resort which the family built in 1994.

Picture: Kosrae Nautilus Resort

All up there are 16 air-conditioned hotel rooms, a one-bedroom family residence, a two-bedroom family residence, a four-bedroom manager’s residence, the scuba diving business, eight cars including five rental vehicles, the resort restaurant, and $US10,000 in the business bank account.

The Beitz family. Picture: Kosrae Nautilus Resort

Doug says he and Sally are selling as they want to spend more time with their family in Australia.

“We’ve had our time in the sun and enjoyed a career most people would only dream about, but our current goal is to become professional grandparents. We feel like a new chapter in our lives is beginning and we’re ready to pass the baton to someone else,” he says.

Picture: Kosrae Nautilus Resort

The couple wants to hand on the resort to like-minded adventurers rather than developers.

The idea to transfer the resort and (scuba) dive business this way, rather than through a traditional sale, is because we want this piece of untouched paradise placed in the hands of someone who truly falls in love with it, someone who has dreamed of island life and who will continue to respect the island’s precious ecosystem, not simply the person with the deepest pockets,” he says.

Doug says the business is debt-free and the resort has bookings up until August 2017.

The raffle tickets cost $US49 each or packs of ten tickets can be purchased for $US349.

The couple set a minimum threshold for the July 26 draw – at least 50,000 tickets need to be sold for the sale to be finalised. This would equate to a sale price of  around $US2.45 million.

Picture: Kosrae Nautilus Resort

So far tickets have been sold to interested parties from all over the world.

With four weeks to go until the draw, we’re well on track to reach our minimum. We’ve had multiple people contact us since we announced the raffle nine weeks ago wanting an option to purchase the business if the raffle doesn’t meet it’s minimum ticket sales. That sounds like a comforting backup plan for us, but it’s not what we want to happen. We have our sites firmly set on handing the business to an average person like ourselves,” Doug says.

“…I just don’t know if a wealthy person buys the business that they will appreciate and benefit as much from what’s on offer here. Of course, the wrong type of person could win it too, but we have our fingers and toes crossed, hoping that the right person’s name will be drawn on July 26,” he says.

If the minimum ticket threshold is not met, the winner of the July 26 draw will get half of the ticket funds as a cash prize.

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