Olympic snowboarder Jan Michaelis launched the raffle for his West Wittering beach house in August, and has now added two alternative prizes that could be claimed by a lucky ticket holder.
The winner can still choose to claim the £475,000 Sussex house, or a £210,000 pad in Portugal - alongside a £150,000 cash prize, a £45,000 car, plus up to £10,000 for a trip to Portugal for the transfer of deeds.
As another alternative prize, the winner can claim a lump sum of cash.
Jan said: ‘The Algarve has a superb all year-round climate, with over 3,000 hours of sunshine a year and stunning blue skies for most of the year.
‘We thought that if someone already owned a UK home, then it would be more beneficial for them to win an overseas holiday home instead of a UK one.
‘Because the Portugal house is worth less than the UK one, we are able to top that prize up with £150,000 in cash and a £45,000 car.
‘For those that don’t want the paperwork and would sooner the cash, the third prize is just that.’
The prize draw aims to sell 240,000 tickets before its deadline in February.
If the minimum number of entries is not achieved, the prize will be 75 per cent of the competition proceeds once the organisers’ costs and expenses and a donation to charity have been deducted.
Jan added: ‘The winner will receive the maximum prize available at that time.
‘If we were to sell no more tickets and release the money today that would be £70,000 and we still have until February left to run, so it is a substantial amount of money for someone to win from the purchase of a raffle ticket.’
The raffle has so far raised £10,000 for charities Surfers Against Sewage and Brain Tumour Research, with Jan hoping to raise more than £50,000 for the good causes.
Tickets cost £2.50, and the competition closes at 11.59pm on Saturday February 6, 2021.