The Omaze house draw, which offers participants the chance to win multi-million-pound properties for a small entry fee, has been making headlines for an unexpected reason: many winners are opting to sell their grand prizes within weeks of receiving the keys.
David Adams, a luxury property expert, has shed light on the reasons behind this surprising trend.
Speaking to MailOnline, Mr Adams highlighted the staggering maintenance costs associated with these lavish estates, even with the additional cash provided by Omaze to assist with upkeep.
“Maintaining luxury properties is a massive industry. If it’s not your main house then you cannot leave it alone. Most homes will employ monitored security, they will run underfloor heating in winter and air conditioning in summer and systems will need servicing every year,” he explained.
Out of the 14 Omaze winners to date, only three still reside in the homes they won, with another winner choosing to rent their property out on Airbnb. June Smith, a widowed grandmother of six, visited her £4.5m waterside mansion in Cornwall just once before deciding to put it up for sale, despite entering the competition with a mere £25 and receiving the home mortgage-free, with stamp duty and legal fees covered.
Similarly, Uttam Parmar, who won a four-bedroom Cornish mansion valued at £3m, decided to sell his prize, citing unaffordable maintenance costs as the reason. Marilyn Pratt also chose to sell the £2.9m house she won in Fulham just eight months later for £100,000 less, opting to remain in the two-bedroom house in south-east London where she and her husband have lived for 40 years.
An Omaze spokesperson clarified that winners receive £100,000 in cash to help them settle in and maintain their new properties, with estimated costs available for entrants to view on the Omaze website.
“Winners can decide to either live in the house, rent it out for a supplementary income or sell it whenever they wish to become a cash multi-millionaire,” the spokesperson added.
While the Omaze house draw has created 24 millionaires and raised more than £37 million for good causes in the UK since its launch, the reality of owning and maintaining these luxury properties has proven to be a challenge for many winners.
As the trend of selling grand prizes continues, it raises questions about the practicality of such extravagant rewards and the true cost of living in a dream home.
