IRVINE, Calif. (AP) - A foundation to support Irvine's public schools is raffling off a $500,000 town house - and the $200 tickets are selling fast.
The Irvine Public Schools Foundation expects to net more than $1 million from the June 12 drawing, said Tim Shaw, the group's chief executive officer. Raffle proceeds will go to the local schools; tickets have been on sale for about a week.
The February median price of an Orange County home was $475,000, a nearly 24 percent increase over a year ago and the biggest jump in 15 years.
Eileen Ganong, of San Clemente, bought a ticket for herself and split another with her 21-year-old daughter, a college senior.
"I thought this would be a wonderful opportunity for her to get a foot in the door in the Orange County real estate market," Ganong said. "I am afraid my daughter will never be able to own a home without a lot of struggle and sacrifices."