21st Annual Palos Verdes Dream House Raffle
RAFFLE RULES AND CONDITIONS (“Rules”)
The Grand Prize Drawing for the Palos Verdes Art Center / Beverly G. Alpay Center for Arts Education (PVAC) 2024 Palos Verdes Dream House Raffle will be held on Friday, June 28, 2024 beginning at 5:30 p.m., at Palos Verdes Art Center, 5504 Crestridge Road, Rancho Palos Verdes, California 90275. Tickets will not be sold after midnight, Friday, June 21, 2024. Tickets may sell out before that time. Harrington Group, an independent accounting firm, will supervise all drawings. All drawings for prizes are subject to Covid Restrictions on gatherings, the winner need not be present to win (except for door prizes)(if Covid rules allow). This offer is void where prohibited by law, and all federal, state and local laws and regulations apply.
The 2024 Dream House
A captivating Mediterranean-style villa majestically perched atop Malaga Cove or $5,000,000 is just a $150 raffle ticket away for the lucky winner of the 2024 Palos Verdes Dream House Raffle. The first and oldest house raffle licensed in California, proceeds help fund Palos Verdes Art Center and their commitment to keep art education and exhibition available, accessible, and affordable to all for the last 93 years.
This year’s Dream House offers unparalleled vistas of the city, coastline, and the illustrious Queen’s Necklace. Located on one of the area’s most sought-after streets, this 3,919 sq. ft. house has 3 bedrooms, 4 baths, and wide-planked walnut floors throughout to tie in the wood-arched windows and interior French doors. Luxury touches include a gourmet kitchen, saltwater pool, rejuvenating spa, 4-car garage, temperature-controlled wine cellar, and a covered outdoor patio and kitchen perfect for hosting al fresco gatherings with breathtaking views.
Or, (b), a 25-year annuity of $5,000,000 payable in 300 monthly installments, or (c) a one-time cash payment of $3,500,000. Other prizes include the option in Early Bird #1 to choose between a 2024 Toyota Prius (with optional features to be determined by winner up to a maximum total purchase price of $30,000) or a cash prize of $25,000 and the option in Early Bird #2 to choose between a 2024 Lucid Air (with optional features to be determined by winner up to a maximum total purchase price of $80,000) or a cash prize of $50,000.
Following each drawing, the list of winners (name and city of residence only), will be published on the PVAC website and posted at the Art Center or may be obtained by sending a written request plus a stamped, self-addressed envelope to: Palos Verdes Art Center, 5504 Crestridge Road, Rancho Palos Verdes, California 90275.
A maximum of 62,000 tickets will be offered for sale. The chances of winning are based on that number. If fewer tickets are sold, your chances of winning the Grand and other prizes will improve. If at least 60,000 raffle tickets are sold, the Grand Prize winner shall have the option until 3:00 p.m. June 30, 2024 to choose between (a) the 2024 Dream House, or (b) the 20 year $5,000,000 annuity of monthly installments or (c) a one-time $3,500,000 cash payment alternate prize. The transfer of the ownership of the 2024 Dream House is subject to terms and conditions and escrow instructions normal and customary for the transfer of real property in its location.
The IRS has taken the position that amounts paid for chances in raffles, lotteries or similar drawings for valuable prizes are not gifts, and consequently do not qualify as deductible charitable contributions. Prize winners are responsible for the payment of all local, state and federal taxes resulting from the income attributable to the receipt of any prizes and should consult their professional legal and accounting advisors regarding the tax effects of their respective choices.
TICKETS
Tickets are $150 each, 3-packs for $400, or 5-packs for $600. You may buy as many available tickets as you wish. All sales transactions are final. No payments will be refunded.
Only one eligible person may be entered in the raffle for each entry (i.e., for each ticket or multiple ticket pack) sold. In other words, only one name, one method of payment, and one mailing address are permitted per entry. If the name of more than one person is submitted with a ticket purchase, and that ticket is selected as a winning ticket, then the person named first will be deemed the holder of record of that ticket and declared the winner. Division of any prize by a group purchasing a ticket in common shall be the sole responsibility of the person named as or deemed the holder of record of that ticket, should that ticket be selected as a winner.
To order tickets, call 833-604-1604, or download the order form from CADreamraffle.com and fax to 310-541-9520, or deliver to Palos Verdes Art Center, 5504 Crestridge Road, Rancho Palos Verdes, California 90275. Entries must include payment or credit card information (Visa, MasterCard, Discover or American Express) to be eligible. Email orders will not be accepted.
GENERAL RULES
By entering this raffle, each entrant:
a) Accepts and agrees to be bound by all the rules, limitations and restrictions set forth herein and posted at CADreamraffle.com
b) Agrees that their names, resident city, and/or their likenesses may be disclosed to and used by the news media, in lists of prize winners (name and city only) to be published on the PVAC website and may otherwise be used by PVAC for publicity purposes.
c) Releases PVAC, its trustees, officers, employees, and agents from any and all liability for injuries, losses or damages of any kind or caused by or resulting from acceptance, possession and use or misuse of any prize. Each winner also agrees to indemnify and hold PVAC harmless from any and all losses, damages, rights, claims and actions of any kind arising in connection with or as a result of the winner’s choice of winner options and acceptance or use of any prize.
d) Understands and agrees that entrant must pay at the time of receipt of the prize, by means of cash payment or withholding from cash prizes, estimated federal income tax in the amount of 25% of the prize value on all prizes having a value in excess of $5,000.
To qualify for any drawing, ticket orders must be received and/or purchased by the indicated deadline. Any orders received after the stated deadline will be held for the next applicable drawing. PVAC assumes no responsibility for lost, late, misdirected or non-delivered entries.
If less than 4,000 tickets are sold by May 24, 2024, midnight, PVAC, in its sole discretion, may end the raffle as of the first Early Bird Drawing. The Multiple Ticket Prize and Early Bird cash only prizes 2-4 (but not the Grand Prize) will be awarded for that drawing. The Grand Prize drawing will be held at that time, but the winner will receive, in lieu of the stated Grand Prize, 50% of the Net Raffle Proceeds, less appropriate and required income taxes (federal, state and/or local). No further raffle drawings will be held. “Net Raffle Proceeds” are defined as (i) the amount of funds received from the sale of raffle tickets less (ii) an amount equal to the purchase price of all prizes purchased and all raffle expenses calculated based on PVAC standard accounting practices, consistently applied, which calculation shall be final and conclusive.
Other rules and regulations may apply. Please contact PVAC if you have questions. PVAC’s interpretation and application of the rules and regulations shall be final.
PVAC reserves the right to reject any entry form that is submitted with payment that does not constitute “good funds” or is defective or physically altered. Prior to the Grand Prize drawing, PVAC will make a reasonable effort to notify the individual and/or entity that submits such an unacceptable entry form or one which has been rejected because the credit card or check did not clear, however, it is not obligated to do so, and such entry will be rejected, if not corrected, whether or not PVAC is able to contact the entrant. This Raffle is not an offer and is void where applicable registration requirements and/or governmental regulations have not been fully satisfied.
TYPES OF DRAWINGS
EARLY BIRD DRAWINGS
Early ticket purchases will be included in multiple drawings all of which will be held at PVAC, 5504 Crestridge Road, Rancho Palos Verdes, California 90275. Due to Covid-19 pandemic, all drawings will be conducted in accordance with Covid restrictions on gatherings, Drawings will be posted online.
Tickets purchased by midnight Friday, May 24, 2024 will be eligible for the first Early Bird Drawing (Early Bird #1) on Friday, May 31, 2024 at approximately 5:30 p.m. Multiple tickets purchased by the stated deadlines will be eligible for both Early Bird Drawings and the Multiple Ticket Drawing on that day. The following format will be used:
- Starting at approximately 5:30 p.m., the Add-On Bonus Drawing will be held first, then the Multiple Ticket Drawing will be held.
- All tickets that qualify for the Multiple Ticket Drawing will be placed in the drum, a winner will be drawn. The winning Multiple Ticket Drawing ticket, along with all other tickets, will be placed in the drum for the rest of the drawings.
- All winning tickets for prizes drawn prior to prize 4 will be copied and will then be placed in the drum for the drawing of prizes 4 through 2, in reverse order.
- The winning tickets for prizes 4 through 2 will then be copied and returned to the drum, with all the other tickets, for the Early Bird First Prize Drawing.
The same format will be followed for the second Early Bird Drawing (Early Bird #2). All tickets purchased by midnight Friday, June 7, 2024 (including all tickets purchased before the May 31st drawing) will be included in the second Early Bird Drawing on Friday, June 14, 2024 at approximately 5:30 p.m. at PVAC
GRAND PRIZE DRAWING
A maximum of 62 ,000 tickets (including Early Bird Tickets , but excluding Add-On Bonus Tickets) will be offered for sale for the Grand Prize Drawing. The deadline for purchasing tickets for the Grand Prize Drawing is midnight Friday, June 21, 2024. All tickets purchased by that time will be entered in multiple drawings on Friday, June 28, 2024, as follows:
- Starting at approximately 5:30 p.m., the Add-On Bonus Drawing will be held first, then the Multiple Ticket Drawing will be held.
- All winning tickets for prizes drawn prior to prize 15 will be copied and will then be placed in the drum for the drawing of prizes 15 through 2, in reverse order.
- The winning tickets for prizes 15 through 2 will then be copied and returned to the drum, with all the other tickets for the Grand Prize Drawing.
ADDITIONAL DRAWINGS
1) Multiple-Ticket Drawings will be held at Early Bird Drawing #1, Early Bird Drawing #2 and Grand Prize Drawing for purchasers of Multiple Tickets, with the winner at each drawing receiving a cash prize of $15,000. Any individual who buys two or more tickets will be entered into the Multiple-Ticket Drawings, provided that such entrant (i) purchases two or more tickets during the same purchase, (ii) using one method of payment, and (iii) using the same name and same mailing address on each eligible ticket. For each eligible ticket purchased, a corresponding eligible ticket will be added into the Multiple-Ticket Drawings. Three tickets purchased will have three tickets entered into the Multiple-Ticket Drawings. Four tickets purchased will have four tickets entered into the Multiple-Ticket Drawings, etc. Multiple tickets must be purchased at the same time to be eligible for discounts. 3-packs are available for $400 and 5-packs are available for $600.
2) Add-On Bonus Drawing – Add-On Bonus Weekly Drawings, The Palos Verdes Art Center House Raffle participants who purchase at least one raffle ticket are eligible to purchase an Add-On ticket in the Add-On Bonus Weekly Drawings. Tickets are one for $20, 3-pack for $50 or 6-pack for $75.
o Ticket Deadline: Friday, May 24, 2024 Drawing Date: Friday May 31, 2024 Prize $10,000
o Ticket Deadline: Friday, May 31, 2024 Drawing Date: Friday, June 7, 2024 Prize $10,000
o Ticket Deadline: Friday, June 7, 2024 Drawing Date: Friday, June 14, 2024 Prize $10,000
o Ticket Deadline: Friday, June 14, 2024 Drawing Date: Friday, June 21, 2024 Prize $10,000
o Ticket Deadline: Friday, June 21, 2024 Drawing Date: Friday, June 28, 2024 Prize $10,000
o Prize: Five Weekly $10,000 prizes for a total of $50,000 in prizes available. Buy by May 24, 2024 to be entered in all 5 drawings. The prize for each weekly drawing is $10,000 cash. All Add-On tickets purchased prior to each of the weekly drawing Ticket Deadlines are eligible for that drawing as well as all subsequent weekly drawings, even if the ticket is a weekly drawing winner. Orders must be received by the Friday before each drawing date. Add-On Tickets must be ordered in conjunction with a raffle ticket. Add-On Drawing Prizes paid from non-raffle funds. Add-On Tickets must be ordered in conjunction with your primary raffle ticket. The Add-On Tickets are not primary raffle tickets. Any purchase of an Add-On Ticket must be made by an entrant using (i) the same name, (ii) the same address, and (iii) the same means of payment, as the entrant purchasing the related primary raffle ticket. There is no limit on the number of Add-On Tickets that will be sold, but Add-On Tickets may only be purchased in conjunction with a primary raffle ticket, and Add-On orders will not be accepted after your original raffle ticket order date.
GRAND PRIZE WINNER OPTIONS
If fewer than 60,000 tickets (excluding Add-On Bonus Tickets) are sold as of midnight June 21, 2024, the raffle will be held as scheduled, and all prizes other than the Grand Prize will be awarded as advertised; but the Grand Prize Winner, instead of the choices advertised, will have the right to choose between (a) a sum equal to 50% of the Net Raffle Proceeds payable as a 25-year annuity in 300 monthly installments, not to exceed $5,000,000, or (b) a one-time cash payment equal to 70% of the amount described in the foregoing option (a), in each case, less withholding for federal and/or state income taxes.
If at least 60,000 tickets (excluding Add-On Bonus Tickets) are sold by the June 21, 2024, deadline, the Grand Prize winner will be entitled to select one of the following: (a) the 2024 Dream House or (b) a 25-year annuity of $5,000,000 payable in 300 monthly installments or (c) a one-time cash payment of $3,500,000. The Grand Prize winner must make the selection in writing from among the three alternative prizes no later than 3:00 p.m., June 30, 2024. Such choice is in the winner’s sole discretion. If the home is not available due to circumstances outside of the control of PVAC, as determined by PVAC, such prize shall not be available to the winner and the winner may only choose between the 25-year $5,000,000 annuity of monthly installments or a one-time cash payment of $3,500,000. The Grand Prize winner is strongly urged to seek professional legal and accounting advice on the tax effects of choosing each of the respective choices.
If the Grand Prize winner elects to receive the house prize, the 2024 Dream House will be accepted by the Grand Prize winner “as is” without warranty except as otherwise expressly set forth in the terms and conditions of transfer and escrow instructions. PVAC does not provide any guarantee or warranty, expressed or implied, in connection with the 2024 Dream House, and accepts no liability regarding the construction or condition of the premises. At the time of closing, all federal, state, and local income taxes based on the appraised value of the 2024 Dream House will be due from the Grand Prize winner.
If the Grand Prize winner fails to make an election by the 3:00 p.m. June 30, 2024 deadline, or makes a timely election but fails to close escrow by August 31, 2024, he or she will be conclusively deemed to have elected the onetime $3,500,000 cash prize option.
LIMITATION OF PVAC RESPONSIBILITIES
It is the responsibility of the Grand Prize winner to determine, to his or her satisfaction, the value of the respective Grand Prize options, and the tax effect and liabilities associated with each of them, in light of their personal financial circumstances. PVAC provides no guarantee or warranty (a) as to the condition or value of the 2024 Dream House, (b) that the Internal Revenue Service (IRS) or the California Franchise Tax Board will accept the PVAC stated value as the value of the prize for the purposes of determining any income tax payable, or (c) that the 2024 Dream House can be subsequently sold for its appraised value.
Payment of all appropriate and required federal, state and local taxes and escrow fees and expenses is the responsibility of the Grand Prize winner. If the cash prize is selected, such taxes will be withheld by PVAC in accordance with federal law. If the 2024 Dream House is chosen, all federal income taxes based on the appraised value attributed to the house must be paid by the Grand Prize winner prior to the transfer of title to the house. If the Grand Prize winner chooses the cash prize of $3,500,000, a check for such amount less applicable taxes will be paid directly to such winner. The taxes applicable to the 2024 Dream House will differ from the taxes applicable to the $3,500,000 cash prize, so entrants are strongly urged to consult with their professional accounting and legal advisers before making a decision.
ELIGIBILITY
Anyone 18 years of age or older may enter. Employees and members of the Board of Trustees of PVAC and Harrington Group, their spouses and children are excluded from participating. An affidavit of eligibility may be required from prize winners. Any offer to participate is void where prohibited by law.
Winners will need to show proof of a Social Security or Taxpayer ID consistent with the name on the ticket . Out of country residents need to show proof of an equivalent Taxpayer ID from their resident country. Either the form or ID must be presented to PVAC within 120 days of the drawing or the winner’s prize will be considered a donation to the Art Center.
DISPUTES
Any dispute arising with respect to this Raffle shall be resolved by binding arbitration conducted in Los Angeles County, California, in accordance with the Rules of the American Arbitration Association. The decision of such arbitration shall be final and no appeal may be taken therefrom.
REGISTRATION WITH THE STATE OF CALIFORNIA
By letter from the Attorney General’s office, the Palos Verdes Art Center has re-registered with the Department of Justice under Raffle Registration Number RF-1201 and is authorized to conduct raffles in California pursuant to the provisions of Penal Code section 320.5, for the raffle period which begins January 1, 2024 and ends December 31, 2024.
Since 1931, the Palos Verdes Art Center, Beverly G. Alpay Center for Arts Education, a non-profit 501(c)(3) community visual arts organization, has inspired adults and children to create, appreciate and celebrate art. PVAC 2024 Palos Verdes Dream House Raffle proceeds help fund exhibition, education and outreach programs making visual arts available, accessible, and affordable.