<p>The Home and Garden Television dream home in Edgartown has new owners this week ­— and they did not have to enter a sweepstakes to get the keys. Rosemary O’Brien and Eigil D. Rothe of Washington D.C. bought the house at 15 Crocker Drive on July 8 for $2,315,000.</p>
The Home and Garden Television dream home in Edgartown has new owners this week — and they did not have to enter a sweepstakes to get the keys.
Rosemary O’Brien and Eigil D. Rothe of Washington D.C. bought the house at 15 Crocker Drive from developers Michael and Rebecca Hegarty on July 8 for $2.315 million.
The dream home includes a dream house for dogs.
The dream home includes a dream house for dogs.
In March, Kathy O’Dell of Huntsville, Ala. was chosen among 94 million entrants to win HGTV’s 19th annual dream home giveaway, which included the Edgartown house, a $250,000 check from Quicken Loans, a 2015 GMC Acadia Denali, and a year-long membership to the Field Club.
Mrs. O’Dell opted for the cash option, which replaces the house with a sum of $1,450,000, though she still received the Quicken Loans check and car. The total approximate retail value of the prize she took was $1,752,680, while the approximate retail value of the house prize was $2,567,680 at the time she won. Winners are responsible for all federal, state, and local taxes and fees on their prizes and must be able to travel for a winner’s weekend, where they visit the home for the first time. HGTV said that representatives from their sponsors also visit to see the home in person.
HGTV dream home house planner Jack Thomasson works with developers to identify properties available for building the house. The Martha’s Vineyard dream home was constructed last year in traditional Cape Cod style with cottage-like charm near the Field Club in Edgartown. It is 3,200 square feet and has three bedrooms, three and a half bathrooms, and is complete with an outdoor shower and matching dog dream house.
Designed by Island architect Patrick Ahearn and built by local contractor Tim McHugh, it had several Island touches. It was stocked with local art, Vineyard cookbooks, growlers of Bad Martha’s Beer, and other goodies. If the winner chooses to take the cash option, they cannot take any of the merchandise stocked in the house; HGTV would not reveal what happens to the furniture or other merchandise.
After Mrs. O’Dell opted for the cash, the house went back into the hands of Mr. and Mrs. Hegarty, who turned it around to sell. The Hegartys had originally purchased the property from South Village Associates Realty Trust and trustees Michael J. Donaroma and Alex Alexander for $650,000 on April 2, 2014.
Meanwhile, the dream home mania has moved on to another location. Last month HGTV announced that the 2016 home will be on Merritt Island, Fla.
Comments
A historical note: The
TOM HODGSON wtA historical note: The traditional Cape Cod house is a centuries-old model of simplicity, modesty, and economy. This HGTV house is the very opposite of those worthy qualities. Since when does a traditional Cape Cod house come with a GM bloatmobile and matching "dog dream house"??? But enough Yankee grumbling. Here's wishing Mrs. O'Dell much happiness with the freedom that her winnings can give her, and may the good people from DC have many years of pleasure in their fancy new summer home.
awesome Tom......
mvgirl westiz.....awesome Tom......
I don't get it. A 1 Year
PHILLIP J LEET MILWAUKEEI don't get it. A 1 Year Membership at this Gulf Course costs about $800,000?
O.K. These people bought the house for $650,000, so what is so Magical to make the price go up so much.
Truly great to see and read
Joseph Paul Uranker Oak BluffsTruly great to see and read that this home will have someone to enjoy it for many years. The final touch would be a quarterboard across the front entrance or a classical hand carved eagle.
Way to comment just so you
A Dude EdgartownWay to comment just so you could plug your own business...
Great story... the HGTV
Julie Dennehy Medway, MAGreat story... the HGTV winner from Alabama has a huge tax bill to pay on $1.7M; I think I would have taken the house and flipped it given the total approximate retail value of the winner's prize was $1,752,680 but the retail value of the house prize was $2,567,680 - nearly a million dollars difference!. And I can't imagine spending $2.3M for a 3,200 s/f house and having more bathrooms (3.5!) than bedrooms (3). Good luck to the new home owners...
Do not think you are allowed
BBDo not think you are allowed to immediately flip per the contest rules.
If you won a $2 million
Sally Mae ArizonaIf you won a $2 million dollar home along with a cash prize of $250,000, you’d have total winnings of about $2.25 million dollars. Those prize winnings are taxable to you. With that, you would owe the federal government about $800,000, which is actually more than the cash prize that was won. You would probably have to sell the home just to be able to pay the federal income taxes. In addition to paying taxes to the federal government, say hello to the state, they want their share of that win fall. If you sold the house right away, you would still owe on the winnings, that won't go away,but you would now owe capital gains tax on the sell of the house. So opting for the all cash deal is a better option for 98% of people who enter these sweepstakes, they still have a large sum of cash, and can now pay for their own more modest home, or their child's college education.
I entered that contest
Specialk Burlington NJI entered that contest everyday, twice a day for the duration of the contest. I really want to live on the Vineyard; however once someone blogged the tax responsibilities upon winning, I too would have opted for the cash prize but I would have bought another property and/or perhaps built the more traditional Cape there, with the focal point on the kitchen. There were quite a few design features I would have changed i.e. bathrooms, bedrooms smaller to make the living space (where most of your time is spent), garage, and especially the kitchen much larger, added mature trees, covered the patio, outside Kitchen---the doghouse...well let's just say I could have spent that money for other features; each to his own I suppose! LOL! Best wishes and many blessed years to the new homeowners!
Yeah the taxes could be a lot
Mariah DiMassimo Williamsport PAYeah the taxes could be a lot but get a job instead of complaining
It's all marketing....if they
Parent GAIt's all marketing....if they really wanted the winners "average joe" to own a home like that an be truly happy they'd pay the tax for them for the initial prize. After all they receive more from advirtisments etc. Then the taxes going forward would be the new owners responsibility. I love to see what they do but think it's basically a joke just like Washington. Here to all of us normal hard working folks that pay taxes and do the grunt work that actually ends up in these homes!
Everyone have hopes and
Joel R Orlando, FLEveryone have hopes and dreams, you can't avoid "death & taxes". If you wins, then great for you.. your family will have a decision to make. Its called a "Dream Home" for a reason: Big $$$$$. If you can't afford an home like that now, chances are even if you win one for free, you still won't be able to afford it. Opting for the "cash option" might be smarter than excepting the home and trying to flip the home for additional profit. when its all said and done.. Uncle Sam always wins (gain tax, 1099-winnings tax, property tax, paying a realtor, etc...)Just take the "cash option" and move on... Build your own affordable "Dream Home".. Thank You HGTV... You're the BEST!!!
Was she able to keep all the
Mouse Auburn, NYWas she able to keep all the furniture and household linnen and anything that was not bolted, or no? I'm guessing not because she choose the cash option and the house option included furnishings. So who gets all that stuff inside and outside?
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