Man can't afford to keep $1.5 million home he won

PrincessPerky · #1 (**permalink**) 07-08-2005, 03:58 AM

BEVERLY HILLS, Calif. - Living the 90210 dream doesn't come cheap - even if you get the house for free.

Nial Stimson has won a $1.5 million Beverly Hills dream home in a charity raffle. But he may not be able to afford his grand prize. Stimson says income taxes on the house alone could be nearly half the assessed value.

full story here

gakline · #2 (**permalink**) 07-08-2005, 08:04 AM

This has happened to the HGTV Dream Home winners. I think all but one (I'm not sure on this last year) have sold. The one who kept it, went in with extended family, as a vacation home, and is now able to pay the taxes.

I would definately sell. I could do so much more with 1 million (after taxes I'm sure) who needs that much space anyway.

Bluezy · #3 (**permalink**) 07-16-2005, 05:22 AM

Taxes and attorney fees... It would be much better to sell it and move what monies you have left into a less expensive housing market.