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August 2016    Download the Entire Issue (PDF) Available to the Public Vol. 31, No. 8   RSS Feed for Undercurrent Issues
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The Kosrae Resort Raffle Result

from the August, 2016 issue of Undercurrent   Subscribe Now

A man from New South Wales, Australia, tax accountant Josh Ptasznyk, 26, has won the Kosrae raffle and for the price of a $49 raffle ticket will be the new owner of a 16-room Pacific island Kosrae Nautilus resort and dive center in Micronesia.

It comes with two dive boats, five cars for rental, and two 10-seat passenger vans. His ticket was number 44,980 and he was one of 50,000 people from over 100 different countries to buy tickets.

Doug and Sally Beitz had owned the resort since 1994 and decided to raffle their resort and home rather than sell it in the "normal really boring way." They set a reserve of at least 50,000 tickets to be sold but easily surpassed that by selling 75,485. We estimate the total revenue raised to be $3,698,765.

The website says that the business is debt-free, employs sixteen full-time staff, has $10,000 working cash in its business bank account, and $5000 worth of food supplies for its 80-seat restaurant. It comes with owner accommodations comprising both a luxurious manager's residence plus two separate apartments.

We hope 'Joshua,'whoever he may be, is up to quitting his day job, making the move, and managing this complex endeavor. Joshua says "I am looking forward to cutting the red tape, making a trip to the resort to see what paradise looks like, and to experience all that the resort has to offer." Meanwhile, the Beitz family will return to their native Queensland as millionaires.

- John Bantin

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