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By aj485
June 27, 2006

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I found this article amazing.

The people who won the HGTV Dream Home last year received several offers for the house, some in the millions, but they were determined to live in it...

They won a house valued at $2.5 million (more or less) in Tyler, TX, furnishings for the home, a Denali SUV, and $250,000.

They had been living in a small home in Illinois and struggling to make it on the Shelley's $40k income after Don suffered a career ending injury at work.

After they won the house, she quit her job to go back to school. They tried to run the home as a B&B, but town regulations didn't allow it. They had no income other than the $250k winnings.

They knew that they would have to pay taxes on their winnings, but were amazed at the $672k bill the IRS sent them.

Even so, they spent almost all of the $250k on expenses for the house (utilities, handyman, maid and landscaping service, insurance, etc.), costs for their 7 vehicles (there are two drivers in the family), repairs to their family boat (even though they won another one), a $6000 dog run for their 3 dogs and giving $40k to charity. They didn't pay off the mortgage on their house in Illinois, nor did they sell their house in Illinois.

They still haven't paid the IRS and are now trying to sell the house themselves for $5.5 million, even though local real estate agents have told them that the house is worth, at most, $2.5 million, and probably less because houses over $1 million are not common in that part of Texas.

And when they do sell the Dream House, they want to spend a bunch of money upgrading their house in Illinois.

I don't see how someone could waste more of the good luck that they were blessed with.

On the other hand, the most recent winner of a Dream Home intends to sell it - "The house is absolutely gorgeous, first class. But I'm not in a position to live in a $2 million house." Now that's a guy who is on the right track to LBYM.

AJ


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