Millionaire to auction £1.4m home in online charity fundraising initiative

10/02/10

Written by Matthew Carter.

An Austrian millionaire is turning to online charity fundraising to tackle his woes.

Karl Rabeder plans to use the internet to sell all of his possessions in aid of a charity he set up recently.

Mr Rabeder became disenfranchised with the life of luxury after selling his interior furnishings business and hopes to raise money for good causes and move to a bedsit.

The 47-year-old is now holding an online charity fundraising raffle to get rid of his £1.4 million villa in Innsbruck.

The millionaire, who is selling raffle tickets for £87, commented: 'My idea is to have nothing left - absolutely nothing.

'Money is counterproductive - it prevents happiness to come.'

The Austrian's alpine villa boasts a lake and a sauna and will be handed over to the winner of the charity fundraising raffle on February 28th.

Mr Radeder will give all of the money raised to a charity he launched last year, which aims to support orphanages and provide small loans in central and south America.

He has sold 21,999 raffle tickets.

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