Miguel Marina, the unemployed estate agent from Ciempozuelos (Madrid) who is trying to raffle off his flat because he can no longer afford the mortgage repayments after failing to find a buyer, is being investigated by the Spanish Tax Office, according to a report in today's El País.

Tax inspectors insist that Mr Marina, who is trying to sell 64,000 tickets priced at €5 euros each via the www.elpisodecincoeuros.com website, should have sought prior permission from the Loterías y Apuestas del Estado state-run lottery department, and faces a €48,000 euro tax bill (€320,000 @ 15%).

For his part, Mr Marina says that he has no intention of paying the taxes because he has no money, which is the reason he was forced to raffle his home in the first place.

Unemployed man raffles off flat
By: thinkSPAIN
Wednesday, May 28, 2008

An unemployed estate agent is trying to sell 64,000 €5 euro raffle tickets in an attempt to shift his flat in Ciempozuelos (Madrid) as he can no longer afford the mortgage.

The 77 square metre flat has two bedrooms, a terrace and is handily placed right in the town centre.

"As a result of rising interest rates and the unstable job market, which has left me on the dole, I am forced to get rid of the flat as I can no longer meet my mortgage commitments," explains Miguel, who bought the property for €320,000 euros two years ago, and who has employed the services of a public notary to check over the details of the scheme to ensure that it is legal.

Further details can be found on the www.elpisodecincoeuros.com website.