Absurd $50 Raffle for Long Island Mansion Ends Predictably

Things were looking grim for Long Island homeowner John Luongo last year. With a wife and child to support, he found himself $1.25 million behind on two mortgages he took out on his five bedroom, 4 bathroom home on a canal in Massapequa. Foreclosure loomed, but with his back against the wall Luongo came up with a plan: Start a $50 raffle for the property (which is appraised at $1.6 million dollars), use the money to pay off the mortgages, and walk away debt-free. He'd even throw in his 2007 Mercedes, valued at $95K! But would he find enough gullible rubes on the South Shore of Long Island for his scheme to work?

Vic Ortiz of Massapequa his family invested $500 in the raffles; he tells WCBS, "It's the American dream top have a home that big in a place like Long Island." According to Luongo's website, From Raffles to Riches, some 16,800 tickets were sold by December, but the website confusingly announces two different dates for the drawing: December 15th and March 20th. Luongo had promised contestants (who also received a "portrait" of the house with their ticket) that if he didn't sell enough tickets to pay off the mortgages, he would not hold the drawing and refund the money.

Both dates have come and gone, and ticket buyers like Ortiz say they've received no refunds. "Turns out PayPal won't honor anything that's in excess of 90 days," said Oritz, while a sad trombone played behind him. Luongo now says the raffle is called off and that he's refunded 10,000 tickets already. But WCBS has been unable to find anyone who got refunded, and it appears no lucky winner will be moving into the 4,100 square foot mansion any time soon.