@Zalotie 2 weeks ago
Texas teacher raffling off oil mineral rights for $1M to bypass brokers
Texas teacher raffling off oil mineral rights for $1M to bypass brokers
A teacher in Texas is trying something different to liquidate assets. Instead of selling to energy brokers who he says offer pennies on the dollar, he is raffling off 100 acres of mineral rights in the Eagle Ford Shale.
The raffle is hosted on a platform called Raffall with tickets priced around $4.10. To trigger the grand prize, he needs to sell 500,000 tickets by May 31. If the goal is met, the winner chooses between the mineral rights, which pay a 22.5% royalty on production, or $1 million in cash. If the ticket threshold isn't met, the winner gets 50% of the proceeds as a cash prize.
He said the family needs liquidity for college and healthcare costs but didn't want to sell outright for a low price. It's an interesting workaround to the usual broker market.
finance.yahoo.com
| Why A Texas Landowner Is Bypassing 'Pennies On The Dollar' In $1M Mineral Rights Raffle
@AntonioMyers 2 weeks ago
honestly i would take the cash prize over the rights just to be safe. but it is a really interesting workaround for someone who doesnt want to deal with brokers.