The Yerba Buena Center for the Arts (YBCA) “San Francisco Dream House” raffle is over and the grand prize winner (a real estate agent from San Carlos) has chosen the cash ($1.8M) over the castle (1240 5th Avenue).
From YBCA spokesperson Kimberly Harding by way of SF Appeal:
“Since the house will not be given away as part of the raffle, then it will remain with the owner and they can do with it as they wish…We partnered with an individual to raffle off the house – we had the rights to raffle it off but the ownership wasn’t transferred to us.”
We’ll call it an artful (and shrewd) structuring by the YBCA. Once again, the “dream” duplex was last listed for $2,280,000 in November of 2008 and will likely soon return.
∙ Can’t Sell? Raffle! 1240 5th Avenue: The “San Francisco Dream House” [SocketSite]
∙ YBCA Dream House Winner Takes Money, Runs [SF Appeal]